Petroperú to issue bonds
Peru
LIMA, April 19, 2017 – Petroperú is preparing for a bond issuance in an effort to secure funds for a refinery expansion project, Peru’s energy and mining minister, Gonzalo Tamayo, said on Tuesday.
The state-owned entity is targeting to sell up to USD 3 million in bonds. The resources will be directed towards the Talara refinery update project, which carries an estimated price tag of USD 5.4 billion.
Petroperú is currently undergoing restructuring efforts, and in the process clashed with the government on several occasions.
In December 2016, company President Augusto Baertl and his board resigned over the government’s opposition to an internal appointment, which was perceived in needless meddling.
“A state company like Petroperú must be managed with independence,” Baertl said at the time
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