Peru's new government fires chair of state oil firm Petroperu

By Marco Aquino

LIMA, Oct 17 (Reuters) - Peruvian President Jose Jeri's new interim government said on Friday it had fired the chairman of the cash-strapped state energy company Petroperu PETROBC1.LM, as the government looks to strengthen the company's management and finances.

Peru's economy ministry said it had decided to remove Alejandro Narvaez and temporarily replace him with board Vice President Fidel Augusto Moreno.

Moreno's succession as chairman is intended to "ensure disciplined and responsible management in the use of its resources and the normal development of the company's operations," the ministry said.

Petroperu reported losses of $774 million last year and is expected to make another loss this year, though the company has predicted it will turn a profit in 2026.

Narvaez held the post for little under a year, in the midst of a financial crisis as the company navigates mounting debts following a far larger-than-expected $6.5 billion investment in the modernization of its Talara refinery.

The modernization project ran from 2014 through 2023.

Earlier on Friday, Peru's market regulator said the decision to fire Narvaez was made during a shareholders' meeting on Thursday and was effective that day.

Jeri took office last week following the abrupt ouster of his predecessor, Dina Boluarte.