Peru Approves $1.75 Billion Aid for Petroperu, Takes Over Debt Payments

Sep 16, 2024, 01:43 PM

The Peruvian government has approved $1.75 billion in financing for the state-owned oil company, Petroleos del Peru (Petroperu). The aid package includes the government taking over the company's remaining debt payments for the year and managing $800 million in loans. This move puts the state on the hook for repaying international bondholders. Following the announcement, Petroperu's dollar bonds saw a significant rise.