Global Banks Poised to Fund Petroperu's $2 Billion Aid Amidst Crisis
Five major investment banks from the US and Europe are keen on funding a $2 billion loan for Petroperu. The state-run company needs this financial aid to continue operations. The initial $500 million is expected by mid-June, crucial for maintaining fuel production amid debts and high oil prices.
Five leading investment banks from the United States and Europe have expressed strong interest in backing a $2 billion loan for Petroperu, a state-owned company in urgent need of operating funds, according to the latest update by the governmental investment promotion agency.
In an exclusive interview with Reuters, Luis Del Carpio, head of Proinversion, highlighted that Petroperu anticipates securing an initial installment of $500 million by mid-June. This funding comes as a critical component for the company to sustain operations and avert a production halt amid prevailing financial struggles.
The state oil company has been grappling with significant debt and a piecemeal restructuring process. Just last month, it issued a stark warning about the necessity for these loans to continue fuel production, heavily impacted by surging oil prices due to geopolitical tensions involving Iran.
(With inputs from agencies.)
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