Petroperú has identified ways to optimize its capital structure as it awaits a USD 500m bridge disbursement of a USD 2bn financing package in the next few weeks, Petroperú Chairman Edmundo Lizarzaburu told Debtwire.

The Peruvian state-owned oil company is undergoing a corporate reorganization process governed by Emergency Decrees 010-2025 and 003-2026, as reported. It aims to implement critical reforms for the oil company to stabilize the national hydrocarbon supply chain and provide working capital to secure crude oil imports, sustain fuel supply chains, and prevent national energy shortages.

“It’s clear the company has a strong problem with liquidity, but we’ve identified several ideas that are going to support the emergency decrees,” Lizarzaburu said. “For instance, the land that Petroperú has with strategic assets will be valued for [improved] market value, which will impact the equity of the organization.”

A potential USD 1.5bn fiscal credit with Peru’s National Superintendency of Customs and Tax Administration, SUNAT, would also represent a positive development, said Lizarzaburu. “If you see the financial statements of the company, you can identify a fiscal credit pending with SUNAT equal to USD 1.5bn. This means if the company increases its sales or exports, we’re going to recover this fiscal credit faster.”

Another liquidity-enhancing measure is the extraction efforts over the next weeks of oil in the pipeline with 65% belonging to Petroperú and remaining 35% to two other companies, the official said. Over a three-month period approximately 2.8m barrels could be extracted, the official said.

Petroperú has been waiting for the first USD 500m disbursement of a USD 2bn financing package that was announced in mid-May and is now expected it to arrive over the next weeks, Lizarzaburu said. The funds will be granted to a Special Purpose Vehicle (SPV) owned by Petroperú and proposed by ProInversión, the government private investment promotion agency, and are to be destined specifically to cover the working capital needs of Petroperú’s operations.

Petroperú has publicly rejected claims it had delayed or obstructed the corporate reorganization process, saying it requested additional information from ProInversión before approving the corporate resolutions required for the reorganization and remains committed to implementing the process. This comes following reports claiming the lack of approvals has delayed the USD 2bn in disbursements.

Lizarzaburu said Petroperú maintains good communication with ProInversión, with one member participating in weekly Petroperú board meetings, he said.

“We understand we have to increase liquidity, and this [financing] is going to begin arriving in the following weeks – the bridge first, and then in September the remaining amount is going to be resourced through the SPV.”

An important development is the information Petroperú recently provided to ProInversión regarding lands holding strategic assets needing to receive new valuations, he said.

“When you make an asset evaluation you increase the equity and the capital structure will be stronger,” he said. Other recommendations have been made to Peru’s private investment promotion agency and officials are confident all recommendations will be implemented, the official said.

Emergency decree funds will modify Petroperú’s capital structure and allow it to stretch out short-term liabilities over the long-term, Lizarzaburu said. “We will increase the equity, and this will help us to activate our credit facilities with suppliers and financial entities. If the funds take more time, we’re evaluating [financing] operations with two financial entities that would give us more time to receive the financing under the emergency decree,” he said.

The financing package is part of a corporate reorganization plan that also entails governance and management changes, as well as changes in business strategy to make Petroperú’s operations more efficient, as reported.

This operational and financial restructuring plan is aimed at achieving financial sustainability for Petroperú by 2032. The goal is for Petroperú to stop relying on treasury support and operate without state financial backing. Capital injections and guarantees granted to Petroperú in recent years have committed more than PEN 17bn (USD 5.01bn) in public resources, equivalent to about 1.5% of GDP, as reported.

Petroperú reported USD 47m in cash as of 30 June, compared to USD 26m at the end of 2025. It had USD 3.09bn in long-term financial debt, compared to USD 3.60bn six months earlier.

Its USD 1bn 4.75% 2032 bond traded today at 86.8, according to MarketAxess. The USD 2bn 5.625% 2047 bond traded at 72.8.