:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/H4UKT754QJHC5CJD5KBSRSR574.jpg "MEF: “Petroperú board of directors is going to undergo restructuring” | State Oil Company | Peruvian Economy | Child | Ancon Park | Chanke | Callao | Economy")
-Have you reviewed your predictions for this year now, in context? boy Is it weak?
We will provide the numbers later this month. Generally, we maintain 3%. When we made our predictions, they were moderate-to-strong conditions, but there are factors that suggest this could be a great year. We prefer to wait until the El Nino passes.
-In a favorable situation, shouldn't it be adjusted upwards?
The data for 2023 comes out in a fortnight and there is some additional information, but – in general – what we should look out for is some upward revisions. It depends on how much the market has adjusted. We're preparing and we know we'll have the ability to resist, so we're not forced to make adjustments.
-Last week he commented that he would announce additional measures. which ones
Two Emergency Orders (DU) are prepared within the framework of the United Plan. We had measures for construction and others to encourage production. They should leave next week at the latest.
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What are the two DUs about?
This is about Good Payer Bonus (PPB). It was announced that it was S/ 200 million (what is needed for this year), part of it was in the budget, part of it was not. But the idea was to give him that injection. In addition, there is a series of interventions with Foncodes. Acquisition of uniforms was an issue that we wanted to promote and we have almost closed with the departments. They are incentive measures that add to the good start of public investment.
-Regarding the joint plan, not everything has been implemented yet. How's the schedule going?
In the first quarter of this year, 2024, we announced United's plan. For example, the Impulso Maibar auctions have already started and are more than S/2,000 million more than what we bid for. Some programs have been suspended.
Now what we want is to continue to complete the steps. We are working very closely with the regions to improve the infrastructure. For the first time we started the infrastructure agenda with the North, Center, South, Amazon. The challenge is to continue to maintain high rates of public investment and break the record in the first quarter of awards under Public-Private Partnership (PPP).
read more: Investment in infrastructure will grow by 11%: these projects will increase it.
Special Economic Zone for Chanke
Another feature of the Unitos project is the port hub.
We work on multiple fronts. We also have a set from a congressional commission of the Republic that identified a set of 40 projects as MEF. The first important step is urban development planning. In parallel, what we do is define this strategic portfolio. The idea for March is to have an additional collection. The primary sources have already been given ChankeTo Ankhan.
-For example, is infrastructure linked to road problems?
It ranges from road issues to closing sanitation gaps. Small works, but big impact. The initial portfolio is S/ 60 million. This may increase as the Ministry of Transport and Communications (MTC) makes its request to us. Maybe in February we'll start with some smaller projects, which will help expectations.
-Ancon industrial park progressing?
He has taken important steps. The aim is to make it more attractive. An important point is that the law on Special Economic Zones (SEZ) has been approved. That's a big challenge. The bill is expected to be sent to Congress by the end of the month for debate.
Some investors have demanded that (this industrial park) be a SEZ but with a modern approach. The second thing, the challenging thing, is how we can ensure that there are some important public services in Ancon industrial park.
read more: Puerto de Chancay: It is proposed for real estate development around the project.
-Industrial Park and Sanke come under SEZ?
For now it will be the Angan Industrial Park, but the idea of the bill is that any viable area will become an SEZ.
We understand that the MEF wants to develop the SEZ between Chanke and Gallo, but before the SEZ Act. Now, are you waiting for the law?
From conversations with ProInversion, it emerges. Few investors will be more interested in Ancón Industrial Park if it is already a SEZ. Let's wait for the law. March will be a good month. I hope Congress will approve it soon.
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Petroperú directory
– After selecting Do not enlarge PetroPeruWill they go under warranty? Also, it is not clear what the purpose of the restoration is clearly. Can you shed some light on that?
It is a multi-phased project. Why does MEF have a majority now? It was a unanimous decision: President, Prime Minister, Minister of Energy and Mines, Minister of Economy. The role of the Ministry of Energy and Mines (Minem) was crucial in achieving 100% production at the Dalara Refinery. This milestone has already been reached. Now the problem is finance, how to provide financial stability to the company. The positive part is that the latest projections sent to us by Petroperú are positive on the EBITDA side.
The first thing we want to do is save one of Peru's most important assets, the Talara Refinery. This implies providing facilities to Petroperú, at least in the short term. The first stage is governance, which includes board review and independent directors.
– Are you going to rebuild the directory?
Yes, the board is going for restructuring. This does not mean that everyone will be replaced, but all directors enter an evaluation phase.
– Since when?
From next week.
-Is a shareholders meeting held for this purpose?
We are going to call a meeting of stakeholders to go over these details. The first step is to restructure governance towards a more fiscal economic mandate.
read more: Petroperú: Will more regulation of the MEF create any changes?
– Does that also mean changes in management?
Every restructuring process begins with a general assessment of all processes, people and providing sustainability to the organization. As we said earlier, there was no room for capitalization and injection of resources, but there was room for guarantees. Mechanisms to guarantee liquidity to Petroperú at a competitive cost.
MEF's credibility will support its quasi-sovereignty so that it can access financing at lower rates as the company begins to regain financial stability.
-He talked about the positive results linked to EPITA. We have seen a document on practice in management Lot X was expected for those favorable results.
The restructuring plan involves optimizing the utilization of the company's capex and rationalizing it. It involves an in-depth overall assessment of the entire organization.
In the short term, that was the message for investors, we understand that the company needs to take a leap, a change in management. Directory will be completed and evaluated. We are going to accelerate the restructuring program that is already underway.
Will Petroperú return US$750 million to MEF?
The objective is to pay off its debts so that it can be a sustainable company. But it also fulfills the role that Petroperú plays in the market. The prime minister said that Petrobras cannot be left bankrupt, if it reaches the refinery, it would be foolish and cause huge losses to the government.
Dalara Refinery. Despite repeated claims by the government that it is already 100% operational, Minister Contreras pointed out. “Shareholders as members of the Board” They will make visits for that purpose.
Bills
– What bills are prepared?
What we now wish to pass is a law allowing the public finances of insolvent municipalities to be organized. We have prepared a bill that could help municipalities like Sigle or San Martin de Porres, where the income only covers wages.
As I mentioned, we also have the SEZ Bill; and one about a special education loan program.
“Changing tax rules is a bad sign”
By the end of 2023, the fiscal deficit stood at 2.8% of GDP, well above the “ceiling” of 2.4% established in the fiscal rules.
The Minister of Economy and Finance, Alex Contreras, said last year that the government chose to continue financing the emergency, but that – despite failing to comply with the rules – there was no impact on the debt.
“Last year was different. It would have been perverse to 'adjust' spending at a time when the economy was starting to recover.”I notice.
Contreras pointed out that the fiscal deficit should have been 2.7% of GDP in January this year. “It should be moderated”He pointed out.
The minister was asked whether he had considered a change in the fiscal rules, taking into account the ceiling of 2% for this year. Faced with this, he said that if such a situation were to occur, it should be in a different situation. “(It happens) if there is a new consensus or a new aspiration in the country. KBut changing the rules is a bad sign.. “We want to show the market that we are committed, you can leave, but you explain and try to come back”said.
If the MEF had changed the rules in 2023, it would have created a backlash from risk assessment agencies, he said.
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