Petro-Perú: critical dilemma for the government between liquidation and urgent restructuring.

The situation of Petro-Perú has become a critical dilemma for the Peruvian government, which finds itself caught between a rock and a hard place. On one hand, there is the possibility of liquidating the company and dealing with an unsustainable debt that exceeds 8 billion dollars. On the other hand, there is the option to capitalize part of that debt and extend credit lines of approximately 3 billion dollars, all under the condition of a deep restructuring that would allow the company to emerge from its state of insolvency. However, this second alternative does not guarantee a definitive solution. The restructuring could prolong the agony of a company that, despite its potential, has become a dangerous burden for the state’s finances. International experience, such as the transformation of Ecopetrol in Colombia or Petrobras in Brazil, suggests that partial privatization could be the way toward sustainability. This would ideally be achieved by attracting private investment to reach 51% of the shareholding. The proposal to implement a Project Management Office (PMO) to guide this restructuring could be a viable solution. Hiring experts in project management would ensure that the transformation of Petro-Perú is carried out effectively, addressing not only the liquidity crisis but also the structural inefficiencies that have plagued the company for years. Attracting private capital would not only relieve public finances but could also modernize the management and operations of the company. Nevertheless, resistance to these options has already begun to manifest. Figures such as former minister Óscar Vera and former president of Petro-Perú, Pedro Chira, have been summoned by the president to discuss alternatives, which has sparked skepticism among many citizens. The outrage is palpable, especially considering that the 3 billion dollars needed to finance the restructuring could be allocated, for example, to improving justice and security in the country—issues that directly affect the quality of life for millions of Peruvians. The situation of Petro-Perú also serves as a mirror reflecting failures in state management. The 1993 Constitution establishes that the state must intervene in sectors where private entities do not have access. However, the very existence of Petro-Perú seems to contradict this principle, given that its operation has proven to be neither efficient nor profitable. State-owned enterprises, lacking a clear owner, tend to become instruments of political and union interests, straying from responsibility and transparency. With each report from the Comptroller's Office detailing billions in corruption, it becomes evident that the current system is flawed. Existing controls often disincentivize the actions of honest officials, while dishonest ones continue to operate in the shadows, undetected. This creates an environment where inefficiency and corruption thrive. It is necessary to rethink the management model of state enterprises. The proposal for private companies to take over the management of public services in exchange for measurable results could be a radical but necessary solution. Furthermore, the creation of autonomous and professional bodies dedicated to the oversight and management of state services could establish a new standard of transparency and efficiency. The question that remains is: what is the government waiting for to make bold and effective decisions? The situation of Petro-Perú is not simply a financial problem; it reflects the shortcomings of a model that has yet to function effectively. The urgency of the situation requires an approach that seeks not only the survival of the company but also its transformation into a true engine of development for the country. Peruvian society needs concrete answers and decisive actions. The possibility of continuing to bear the burden of a crisis-ridden company that consumes fiscal resources instead of generating them is a scenario that must be avoided at all costs. The opportunity to restructure and transform Petro-Perú should not be viewed merely as an administrative challenge but as an ethical and economic imperative that could shape the country’s direction in the years to come.