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May-13-2022

Extraordinary economic measures are approved to guarantee fuel supply in the country

Extraordinary economic measures are approved to guarantee fuel supply in the country

PETROPERÚ addresses the public opinion to inform the following:

  1. Through D.U. No. 010-2022, published in the El Peruano newspaper, extraordinary measures were approved in economic and financial matters aimed at mitigating the adverse effects on the economy caused by a possible fuel shortage at the national level. The emergency decree will be valid until 12.31.2022.
  2. In this sense, the aforementioned rule approves providing temporary financial support for US$ 750 million and the issuance of cancellation documents for up to 500 million soles per month, in favor of PETROPERÚ, as it is an important actor in the fuel supply chain at the national level. national.
  3. The extraordinary measures will allow the assurance of the commercialization of hydrocarbons at the national level and maintain the continuity of the payment chain, necessary to overcome the problems generated by the previous Administration of PETROPERÚ, among them:
  • Downgrade of the international credit rating associated with the uncertainty regarding the possibility of providing audited financial information for 2021 before 05.30.2022, due to discrepancies caused with the auditing firm, which did not allow the signing of the contract in a timely manner.
  • Temporary mismatch between income and short-term obligations of the Company, due to changes made in the supplier payment policy.
  • Additionally, the increase in obligations to suppliers of crude oil and products due to the sustained increase in international prices, as well as the increase in the cost of international transportation; both generated by the Russia-Ukraine war, further complicated the company's situation.
  • The financial support of US$ 750 million will be reimbursed by PETROPERÚ to the Ministry of Economy and Finance until 12.31.2022, applying the reference interest rate of the Central Reserve Bank of Peru (BCRP) in force on the date of disbursement. The same will be used solely and exclusively for the attention of short-term obligations that the company maintains for the current fiscal year with suppliers.
  • The cancellation documents for an amount of up to S/ 500 million per month will be used exclusively for the payment of customs duties and taxes associated with the purchase of crude oil and products, and any other tax generated by fuel marketing operations. These documents will be issued monthly upon cancellation of the document owed, recognizing the BCRP reference interest rate.
  • PETROPERÚ has been implementing an action plan to resolve the origin of the identified problems. One of the main milestones reached has been the signing of the contract with the Pricewaterhouse Coopers (PwC) Audit Company to carry out the external audit of the 2021 Financial Statements, establishing the month of August 2022 as the delivery date of the short report; Waivers are also being processed for the extension of the term that allows the presentation of the 2021 audited Financial Statements to bondholders and to the Spanish Export Credit Agency (CESCE).
  • Along the same lines, PETROPERÚ will continue to make its best efforts to strengthen its governance and ensure the economic and financial sustainability of the Company, recovering the trust of its stakeholders and guaranteeing the supply of fuels at the national level.
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