Peru's state oil firm to sell 15 pct of shares to private investors

Source: Xinhua| 2019-08-28 14:57:11|Editor: ZX
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LIMA, Aug. 27 (Xinhua) -- Peru's government planned to sell a 15-percent shares in state oil company Petroleos del Peru (Petroperu) to private investors, the company's President Carlos Paredes said on Tuesday.

The move should be "very productive" for the company, but won't happen in the immediate future, Paredes told reporters at a press conference.

Among the initial assets to be put on offer are auxiliary units that operate with the Talara Refinery on Peru's north coast, which are expected to bring in some 800 million U.S. dollars.

The sale aims to cut the company's operational costs and lower its debt burden.

"If the offers are attractive, I don't think there will be problems, despite the political landscape," said Paredes, referring to an ongoing political struggle between the administration and the opposition-controlled congress.

Talara Refinery, currently undergoing a 4-billion-dollar renovation, is one of Peru's biggest assets. Some 78 percent of the facility was financed with international capital.

State-run consortium Petroperu was established in 1969 and is solely dedicated to refining, transporting, distributing and commercializing fuel.