Petroperú Faces Deadline: September 4th is Crucial for State Oil Company’s Future

Petroperú, Peru’s state-owned oil company, is facing a crucial deadline on September 4th. The company’s board of directors is demanding government approval for a restructuring plan aimed at salvaging the company from a deep financial crisis. The plan includes selling off assets, reducing staff, and hiring a private manager to oversee operations. The government has been slow to respond to the board’s proposals, leading to a tense standoff. However, recent meetings between the government and Petroperú suggest progress is being made, with a potential resolution expected on September 4th. If the government fails to approve the plan, the Petroperú board has threatened to resign, potentially leading to further instability.