Concern about the Talara refinery and the financial crisis of Petroperú.

The President of the Council of Ministers, Gustavo Adrianzén, has made a clear and concerning statement regarding the state of the Talara refinery, one of the most anticipated projects in the country's energy sector. Inaugurated on December 29, 2023, by President Dina Boluarte, this plant is still not operating at its maximum capacity and is not expected to do so during this year. The refinery, which should have a production capacity of 95,000 barrels of oil per day, has been far from reaching this goal, especially after facing serious restrictions due to failures in its flexicoking unit. Since its commissioning, the refinery has encountered difficulties that have led to a decrease in its production. In March of this year, Petroperú was forced to further reduce its operational capacity due to technical failures in the flexicoking unit, which is crucial for processing heavy crude and maximizing the company's profitability. Despite the new chairman of the board, Oliver Stark, having predicted that the refinery would reach 100% of its operational capacity by August, this goal was also not met. In statements to RPP, Adrianzén mentioned that refineries require a tuning period that can extend for at least two years, indicating that the optimal operation of Talara is expected by the end of 2025. This delay raises concerns not only about the operational efficiency of the plant but also about the economic implications for Petroperú and the country's energy supply. The Prime Minister also emphasized the critical financial situation of Petroperú, which faces a debt that significantly exceeds its assets. This has led the government to consider a thorough review of the governance and operation of the state-owned company. Terms of reference are being developed for hiring a Project Management Office (PMO) to oversee the administrative and managerial reform of Petroperú, with the hope of bringing a new perspective to the company's management. Adrianzén stressed the need to "refresh the management" to avoid repeating the mistakes that have led to the current situation. In this context, the PMO is projected to play a crucial role in the restructuring of the company, although the continuity of Petroperú's current board is still under evaluation. This uncertainty regarding leadership may affect the strategic direction of the company at a critical time. Moreover, the government has raised the need to ensure a flow of resources so that Petroperú can continue operating. This would include providing guarantees to establish a line of credit that would allow the company to acquire fuels and maintain its activities. However, Adrianzén was clear in dismissing the option of injecting more capital into the company or the possibility of its bankruptcy or liquidation. The situation of Petroperú becomes even more complex when considering the possible intervention of a private manager. While the government is open to this idea, a definitive decision has yet to be made on whether the current board will be able to continue in office or if significant changes will be necessary. Former Minister of Energy and Mines, Oscar Vera, will not be considered for any position on the Petroperú board at this time, according to Adrianzén's statements. This approach suggests that the government seeks to ensure professional and expert management, minimizing political intervention in the administration of the company. The future of the Talara refinery and of Petroperú in general appears uncertain, and the need for deep reforms is becoming increasingly urgent. With the promise that the refinery will reach its maximum production by the end of 2025, time will be a crucial factor in the recovery of the company, amid an increasingly challenging energy landscape. The government's response and the decisions made in the coming months will be decisive for the direction taken by Petroperú and, consequently, for the energy supply in the country.