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PERU: Government To Inject Resources Into Petroperu

PERU
PeruEM BulletBulletGlobalEmerging Market NewsRegion
  • The government will inject resources into Petroperu to address the state oil company’s financial problems, according to a report in La Republica, citing remarks by PM Gustavo Adrianzen. Adrianzen said that he didn’t rule out changes to Petroperu’s board of directors to address the situation, adding that a project management office may be set up to focus on reviving Petroperu based on a new business vision.
  • The news follows a recent statement from the Petroperu board that the company is in an unsustainable situation and that the government must either inject cash urgently or accept its bankruptcy.
  • On the macro front, the data calendar remains light today, with focus on next Thursday’s BCRP meeting, where the latest decline in headline and core CPI inflation keeps the door open to another 25bp rate cut.
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  • The government will inject resources into Petroperu to address the state oil company’s financial problems, according to a report in La Republica, citing remarks by PM Gustavo Adrianzen. Adrianzen said that he didn’t rule out changes to Petroperu’s board of directors to address the situation, adding that a project management office may be set up to focus on reviving Petroperu based on a new business vision.
  • The news follows a recent statement from the Petroperu board that the company is in an unsustainable situation and that the government must either inject cash urgently or accept its bankruptcy.
  • On the macro front, the data calendar remains light today, with focus on next Thursday’s BCRP meeting, where the latest decline in headline and core CPI inflation keeps the door open to another 25bp rate cut.