Petroperú plans to sell minority stake early next year

Petroperú intends to sell a minority stake in the state-owned oil company to private investors in early 2025, according to board president Oliver Stark. Under Law 30130, the Peruvian state is authorized to incorporate private participation in the company's shareholding by selling or issuing up to 49% of its social capital.

The company is projected to report a net profit of approximately US$350 million by the end of the year, marking its highest annual profit since at least 2016 and its first significant return since 2021. This recovery is attributed to high refining margins following the 2023 inauguration of the Talara refinery.

Despite the positive financial outlook, Stark described the company as being in “survival mode,” noting challenges such as high staff turnover and the historical financial burden caused by cost overruns and delays at the Talara project. While Proinversión seeks investors to provide capital and management expertise, the Peruvian state will maintain ownership of the company.