PERU · BUSINESS
Key Facts
- Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- What is happening Petroperú, Peru’s state-owned oil company, earned US$144.9 million in the first nine months of 2026, against a loss of US$355 million a year earlier.
- Why it matters The profit comes as the government prepares a private operator for the Talara refinery, a plant that cost more than US$6 billion.
- The numbers The working-capital deficit was still about US$1.36 billion at the end of September, down from US$2.30 billion at the end of 2025.
- Who is who ProInversión is Peru’s investment-promotion agency, led by Luis del Carpio, and it directs Petroperú’s reorganisation. Fenpetrol is the national oil workers’ federation.
- What to watch ProInversión plans to present its Talara plan in January 2027, and the oil workers’ federation Fenpetrol is challenging the agency’s role.
- What it means for you Holders of Petroperú’s dollar bonds and any US company eyeing the Talara refinery will watch whether the profit lasts and how the concession is built.
Peru’s state oil company has swung from a large loss to a profit this year. Its cash is still tight, and its main refinery may soon pass to a private operator.
Petroperú, Peru’s state-owned oil company, earned a net profit of US$144.9 million in the first nine months of 2026. In the same period of 2025 it lost US$355 million.
The figures come from the company’s third-quarter financial statements and management discussion, as lodged with Peru’s securities regulator, the SMV. They cover January to September, not the third quarter alone.
What Petroperú Reported
Petroperú reports in US dollars, so no currency conversion is needed. The prior-year loss matches the figure in the company’s own filing for September 2025, which showed a net loss of US$355 million.
On 3 August the company said it had earned US$121 million in the first half of 2026. That implies roughly US$24 million of profit in the third quarter alone.
The company lists four reasons for the turnaround. Higher crude and fuel prices widened margins, while costs fell, its oil blocks contributed more and inventories were sold.
Drags remain: a cash shortage disrupted crude supply and cut output of cleaner diesel, gasoline and jet fuel. A deferred tax charge also took US$12 million.
The Cash Problem Is Not Solved
Petroperú’s working-capital deficit, the gap between short-term debts and short-term assets, was about US$1.36 billion at the end of September. It stood at US$2.30 billion at the end of 2025 and US$1.43 billion at the end of June.
A US$475 million bridge loan, a short-term loan arranged in September, has helped, and US$217 million of it arrived in September. Our report on the loan explains how ProInversión splits the money.
The Talara Concession Plan
Luis del Carpio, president of ProInversión, said in late October that the agency is preparing a concession for the Talara refinery. A concession lets a private investor put in money and run the plant for a fixed period.
He said the plan will be presented in January 2027 and that the investor could also manage the refinery. The aim, he said, is for Talara’s cash flow to pay Petroperú’s debts first.
Talara was modernised at a cost of more than US$6 billion. The final scheme for private participation has not been defined.
Fenpetrol, the national oil workers’ federation, challenges ProInversión’s role and wants clarity on who invests and how they recover their money. It has rejected the concession idea.
On Sunday 1 November the company said a power cut on the Chimbote to Trujillo transmission line hit Talara’s process units. It said it stabilised the complex and is working to restart fuel production safely.
What It Means for US Readers
Peru is a top copper producer, and a state refiner that cannot buy crude risks fuel supply in the north. A profitable Petroperú also eases pressure on a state that has had to step in with emergency financing.
Investors in Petroperú’s dollar bonds and any US firm weighing a Talara bid need the balance sheet to keep improving. More context is in our guides to who runs Peru’s economy and the state of Peru’s economy.
Peru’s other energy stories are on the Peru hub, including the new operator for oil Lot 192. The capital’s business life is covered on the Lima city page.
What Is Not Known
We could not open the third-quarter filing itself, because the company’s investor page still listed only the second-quarter results on 4 November. Revenue, operating profit and EBITDA, the earnings before interest, tax, depreciation and amortisation, for the nine months are therefore not given here.
The terms of the Talara concession, including its length, the investor’s share and any bidders, have not been published. The lenders and interest rate on the bridge loan are also not public.
One report links part of the working-capital improvement to export-credit debt moving back to long term after a June waiver. This could not be confirmed at the company.
It is not yet known how long the 1 November power cut kept Talara down. The company has not said when production returns to normal.
Frequently Asked Questions
How much profit did Petroperú make in 2026?
Petroperú earned a net profit of US$144.9 million from January to September 2026. A year earlier it lost US$355 million.
Is the US$145 million a third-quarter figure?
No, it covers the first nine months of the year. The company’s first-half profit was US$121 million, which implies about US$24 million in the third quarter.
Will Peru sell the Talara refinery?
Not outright. ProInversión is preparing a concession in which a private investor funds and runs the plant, with a plan due in January 2027.
Is Petroperú still short of cash?
Yes. Its working-capital deficit was about US$1.36 billion at the end of September, down from US$2.30 billion at the end of 2025.
Who is behind the reorganisation?
ProInversión, Peru’s investment-promotion agency attached to the Economy Ministry, directs it. The oil workers’ federation Fenpetrol challenges its role and the concession idea.
Sources: Petroperú, first-half 2026 results release (3 August 2026); Petroperú, interim financial statements to 30 September 2025; Petroperú, statement on the Talara power cut (1 November 2026); Petroperú, investor relations; Peru securities regulator (SMV); ProInversión. All Petroperú amounts are in US dollars as reported by the company.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief