Peru's state-owned energy firm Petroperu is negotiating with oil producers in the Americas and Asia to import about 63,000 bpd of crude for its newly modernized Talara refinery, the company's president told Reuters .
Pedro Chira, president of Petroperu's board of directors, said he expects to announce next week the winning companies after a 46% expansion of the refinery to 95,000 bpd. "We are looking at options within Latin America and also in North America and Asia," Chira said at his offices in Lima. "I think that in the next week we would be able to announce who our suppliers will be."
The Talara refinery is currently in a start-up stage after a USD5-B modernization that began in 2014, and the company aims to reach full capacity from mid-July, Chira said. Peru currently produces about 41,000 bpd of crude while national oil demand is 250,000 bpd, according to official data, so it has to import crude for its refinery as well as fuel products for its market.
Chira, who declined to identify the potential crude suppliers, said that with Talara at full capacity the firm would be able to get its financials back on track and return to positive net profit from 2025. The state oil firm lost its investment grade last year from ratings agency S&P, while Fitch downgraded its rating after it took out loans and issued bonds to finance the Talara overhaul.
The executive said Petroperu was evaluating a financing plan of some USD1.2 B, including potential bonds and lines of credit, in case the firm faced any unforeseen cash flow issues.
We remind, in a press conference with members of the Association of Foreign Press in Peru (APEP), the Chairman of the Board of Petroperu, Carlos Vives Suarez, reported that Petroperu has all the corresponding permits for the gradual and progressive start-up period of the New Refinery Talara (NRT) which has been carried out satisfactorily.
mrchub.com