Crisis in Petro-Perú: Confiep demands governance and clarity in restructuring.

The recent week has been intense for the political and economic landscape of Peru, particularly with the controversy surrounding the state oil company Petro-Perú. Alfonso Bustamante, president of Confiep, has shared his perspective on the current situation of the company and the imminent need to establish proper governance to ensure its operation and sustainability. In an interview, Bustamante not only addressed potential changes in the board of directors of Petro-Perú but also emphasized the importance of having a clear and committed approach from the government. From the beginning of the week, concern over rumors of changes in the board of directors of Petro-Perú was palpable. Bustamante mentioned that Confiep, along with other unions, did not hesitate to communicate with the president of the Republic to express their concerns. Petro-Perú, being a large-scale company, has repercussions that go beyond mere economics. "When the state is a shareholder, something that belongs to everyone really belongs to no one," Bustamante stressed, highlighting the need to establish clear rules that facilitate the functioning of the company. The president of Confiep also emphasized the recent appointment of a technical and independent board by the government, noting that this action is a good first step toward solving the problems facing Petro-Perú. However, Bustamante believes that the lack of governance has been a significant obstacle in the development of the refinery and other initiatives. "This refinery would never have been built if Petro-Perú had had governance," he stated, encouraging officials to continue working on the restructuring of the company. The uncertainty surrounding changes in directors has intensified with the contradictory statements from government officials. Bustamante pointed out that, although the shareholder has the right to remove board members, it is crucial that there is a coherent plan and structural support for the company's restructuring. The proposal to implement a PMO (Project Management Office) was presented as a viable solution, suggesting that, similar to Colombia with Ecopetrol, this strategy could be key to the transformation of Petro-Perú. Despite the apparent positive action from the government, Bustamante remained cautious. He emphasized that it is essential to ensure that any appointments to the board are of suitable and competent individuals. The perception that the current administration may not be able to handle the situation effectively generates distrust in the private sector. Expectations are high, and the pressure on the government to act consistently and well-founded is clear. On the other hand, the need for a statement from the president has gained relevance. Bustamante argues that a clear and reassuring message from the head of state could consolidate trust in the restructuring process of Petro-Perú, something that is indispensable at a critical moment for the company. Such a statement would not only strengthen governance but also help calm the concerns of investors and other stakeholders. The country's fiscal situation and the viability of investments in Petro-Perú have not gone unnoticed by Bustamante, who highlighted the need for a clear repayment plan from the government. The Minister of Economy, who has been a pillar in the discussion about the fiscal deficit, faces a considerable challenge: balancing economic growth and fiscal sustainability. The complexity of the current situation demands decisive and coordinated actions to avoid repeating past mistakes, where state interventions have not always proven effective. The change of ministers, although part of the president's prerogative, has also generated debates in the business realm. The continued presence of questioned figures in their positions has raised questions about the government’s strategy, while the departure of other cabinet members has drawn attention to the lack of continuity in certain policies. In this context, Confiep has highlighted the importance of a stable and coherent administration that prioritizes private investment as a driver of development. Finally, on the eve of APEC, Bustamante emphasized the responsibility the country has to present a solid image to the international community. Legal security and confidence in the regulatory framework are fundamental to attracting investments. In times of uncertainty, clarity and stability are the pillars that will support the future of Petro-Perú and, consequently, the economic growth of the country. The hope lies in the government making the right decisions and acting in a coordinated manner to heal the wounds of a company that is both a symbol and a motor of the national economy.