Likewise, Rómulo Mucho ruled out that the Executive Branch grants a new bailout to the state oil company.

The Minister of Energy and Mines of Peru, Rómulo Mucho, ruled out that the Executive Branch grant a new bailout to the state oil company Petroperú given that it does not have the resources to carry it out.

"The Government has said that there is no money so it will not be given. We must find the formula of how to invite private investment to enter so that [Petroperú] is sustainable," Mucho said today, Wednesday, in dialogue with Regional Communication Network. (RCR).

He considered that the possibility of private capital entering the oil company should be considered, but that this should not imply the loss of autonomy of the company.

"Private investment must come in that has very powerful financial backing and that can help revitalize and take advantage, without losing the autonomy of Petroperú as a company," he noted.

Likewise, he highlighted the importance of Petroperú for the State since it allows fuel to be transported to the most remote places in Peru, in addition to functioning as an entity that regulates market prices.

"Petroperú is important, there is no doubt about that, but it is in intensive care. As a Government we are seeing what we do," he mentioned.

In that sense, he insisted that a restructuring of the company must be carried out since, despite being one of the most modern oil companies in the world, it has a high debt to cover.

"We must carry out a profound restructuring of the management of the Petroperú refinery. We must separate the refinery from the company and make it depend on itself. As it is a modern unit, at some point it has to generate value, they have to generate profit, it has to pay your debt," he said.