LatinNews Daily - 29 May 2026

*Peru’s investment promotion agency (Proinversión) has announced the creation of a trust for a US$2bn bailout of state oil company Petroperú. The company’s CEO, Roger Arévalo, had requested the funds from President José María Balcázar’s government on 28 April. Among other controls announced by Proinversión, the trust imposes a firm ceiling of US$2bn on the amount of funds that can be channelled to Petroperú. Proinversión will be responsible for authorising and auditing each tranche of funds under the bailout programme, and these funds will be exclusively spent on “ensuring the company’s operational continuity” – specifically on “guaranteeing the supply and purchase of crude, allowing refineries to operate at maximum capacity”. Proinversión added that “by guaranteeing the raw material [crude], national supply is guaranteed, activating a cycle of conversion into cash and the generation of income for the company”. Petroperú was previously bailed out in 2024 but has struggled to recover from major debts it incurred when construction works at its refinery in Talara, Piura region, went heavily over budget. Balcázar’s predecessor José Jerí (2025-2026) had ruled out any further bailouts and announced a restructuring of the company, but these plans seem to have been put on hold pending the outcome of the 7 June presidential election.

End of preview - This article contains approximately 208 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial