Petroperu to file financial audit by September after nod from bondholders

(Reuters) – Peruvian state oil company Petroperu said on Tuesday it would present the long-delayed audit of its 2021 financial statements by September, following approval from its bondholders.

Petroperu was supposed to present the paperwork by May of this year but failed to do so when accounting firm PwC declined to carry out the audit in the middle of a corporate governance crisis at the oil company.

Its missing the deadline prompted credit agencies to downgrade Petroperu to junk status and sent its bonds tumbling.

Petroperu has two outstanding bond issues, due in 2032 and 2047, for a total of about $3 billion. It used that money to finance its new Talara refinery.

Under left-wing President Pedro Castillo, Petroperu has restarted oil production for the first time in decades, after focusing on only refining and distribution.

Castillo’s administration has cycled through several chief executives and board chairmen at Petroperu amid allegations of graft and tensions between Peru’s economy and energy ministries, which jointly control the oil company.

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