Directors consider that they have fulfilled their assigned responsibility.

The board of directors of Petroperú announced today its decision to resign, because it considers it unviable to continue with the assignment received by the General Shareholders Meeting of the Peruvian state oil company.

"The board of directors, appointed by the General Shareholders' Meeting of Petroperú, has been alerting the government since the beginning of its administration about the financial unsustainability that the company faces. It has been reiterated that it is necessary to make the best decision regarding the future of the company," the statement said.

"After several days have passed without any response from the Government, the directors appointed by the General Shareholders' Meeting have unanimously submitted our resignation. We consider that we have fulfilled the responsibility assigned to us, and under the current conditions it is not feasible to continue with the task we have received," he added.

Petroperú's board of directors is made up of six members, five of whom are elected by the General Shareholders' Meeting (State) and one by the workers.

The Peruvian State, as the sole shareholder of Petroperú, is represented at the General Shareholders' Meeting by five members:

- Minister of Energy and Mines, chairs the board.

- Minister of Economy and Finance.

- Deputy Minister of Hydrocarbons of the Ministry of Energy and Mines.

- Deputy Minister of Finance of the Ministry of Economy and Finance.

- Deputy Minister of Economy of the Ministry of Economy and Finance.

Each member of the General Shareholders' Meeting represents 20% of the total subscribed and paid shares.

The members of the board of directors of Petroperú, appointed by the General Shareholders' Meeting, stated that they are not responsible for the scope or consequences of any legal norm that may be approved, or for the timing of its implementation.

"We thank the General Shareholders' Meeting for the trust placed in us and we deeply hope that their decisions are the best for a country that does not want to continue seeing how scarce resources, necessary to reduce the enormous social gaps, are allocated to Petroperú without demanding a clear roadmap, accountability and successful results," they added.