Peru oil firm Petroperu appoints new chair amid restructuring

ReutersMar 26, 2026 2:52 PM

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LIMA, March 26 (Reuters) - Peru's state-run oil company PetroperuPETROBC1.LM named Roger Arevalo as its new board chairman after predecessor Edgar Zamalloa resigned just weeks into the role, amid a deepening financial crisis and restructuring.

The appointment comes as interim president Jose Balcazar said earlier this week he is considering revoking a decree allowing private participation in the company's reorganization.

This could potentially reverse plans the previous government approved in late 2025.

• Petroperu announced Arevalo's appointment late on Wednesday in a regulatory filing after a board meeting held the previous day.

• Balcazar, appointed in February after the removal of Jose Jeri, oversees the company as interim president.

• Petroperu, burdened with massive debt, has received about $5.2 billion directly or indirectly in government aid over the past three years to sustain its operations.

• The oil firm lost its investment grade rating in 2022, with debts to bondholders and private banks tied to the modernization of its Talara refinery.

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