The announcement was made by the Peruvian president, Dina Boluarte, after a meeting with her Ecuadorian counterpart, Daniel Noboa, at the Government Palace in Lima, after a meeting of their respective cabinets of ministers and the signing of a joint declaration that seeks to promote the bilateral cooperation.

The presidents of Peru and Ecuador discussed the need for greater electrical interconnection, gas supply and the possibility of processing Ecuadorian oil in the modernized Peruvian Talara refinery, located near the common border.

The announcement was made by the Peruvian president, Dina Boluarte, after a meeting with her Ecuadorian counterpart, Daniel Noboa, at the Government Palace in Lima, after a meeting of their respective cabinets of ministers and the signing of a joint declaration that seeks to promote bilateral cooperation.

"We address energy integration (...) the possibility of processing Ecuadorian oil in the Talara refinery," said Boluarte, without further details in a speech accompanied by Noboa.

The Talara refinery is owned by the state-owned Petroperú, which is going through a serious crisis amid multimillion-dollar debts and little liquidity to maintain its operation. Talara has a refining capacity of 95,000 barrels on a daily average.

The Boluarte Government announced in May that it is evaluating hiring a "private manager" in search of a restructuring of the company, which also includes the sale of inoperative assets and a reduction program in Petroperú's payroll.

The company lost its investment grade from rating agencies in 2022 due to a crisis after an investment of $6.5 billion to modernize its Talara refinery financed with bonds, loans and contributions from the Peruvian State.