Crisis at Petro-Perú: New appointments create uncertainty in the energy sector

The environment in the Peruvian energy sector is becoming increasingly tumultuous, with the recent announcement from President Dina Boluarte's government to remove the entire board of Petro-Perú, one of the country's most emblematic state-owned companies. According to sources consulted by this newspaper, the decision was made after a meeting on August 28 with three highly controversial figures: Pedro Chira, Óscar Vera, and Enrique Bisetti, who were reportedly rewarded with high positions in the oil company and the Ministry of Energy and Mines. Pedro Chira, who previously served as the president of Petro-Perú from April 2023 to July 2024, is set to be reinstated in the position, despite having been forced to resign under accusations of lying to members of the Council of Ministers. His return has raised concerns among various sectors, questioning his ability to lead the company at a critical time when it faces an unprecedented financial crisis. Óscar Vera, another controversial figure, has requested and seemingly secured the general management of Petro-Perú. Vera, who was the Minister of Energy and Mines, finds himself in a potential conflict of interest, as his ties to the company were never adequately investigated by the Comptroller General of the Republic. His appointment could exacerbate the distrust surrounding the management of Petro-Perú. Enrique Bisetti, for his part, would return to the Ministry of Energy and Mines as the Deputy Minister of Hydrocarbons, a position he has held twice before. His tenure in public administration has faced criticism, considering that significant losses were recorded for the state company during his management, raising doubts about his suitability to hold a key decision-making position in the sector again. The government's decision to change the board of Petro-Perú arises from increasing pressure from the previous management, which had expressed its discontent with the government's lack of action to address the company's crisis. Oliver Stark, the outgoing board president, had openly criticized the government, stating that inaction was not a viable strategy: "The government cannot remain in limbo. The ostrich policy does not work," he expressed. The response from the Council of Ministers was swift, and the president of the PCM, Gustavo Adrianzén, reportedly had a tense confrontation with Stark. Such confrontations highlight the polarization in public administration and how decisions are influenced more by personal interests than by the well-being of the company and the energy sector in general. Amid this scenario, César Gutiérrez, former president of Petro-Perú, did not hold back in criticizing the new appointments. He claims that Chira, Vera, and Bisetti are "the least appropriate people" to lead a sector that has already suffered from poor decisions, emphasizing that the state company incurred losses of $1 billion in 2023. This alarming figure underscores the need for a radical change in the company's strategic direction. The Executive's decisions appear to be influenced by a nationalist wing within the government, which seeks, among other things, to destabilize officials who promote private investment in key sectors such as mining and energy. The recent bidding offer for the Talara oil lots by the ministry, while Vera was in charge, has intensified questions regarding the management of the sector. It is important to note that the situation complicates further when considering that Vera maintained a dual relationship as both minister and employee of Petro-Perú, raising serious concerns about ethics and transparency in public management. This interconnection between ministerial duties and corporate responsibilities is a clear indicator of the conflicts of interest that may arise. Finally, the government's announcement regarding the removal of Oliver Stark and his team has created an atmosphere of uncertainty. The lingering question is whether these new appointments will truly contribute to the sustainability of Petro-Perú or, on the contrary, deepen the crisis affecting the company and, consequently, the country's economy. The answer to this question is crucial for the future of the Peruvian energy sector and the public's trust in its institutions.