Peru's Petroperu replaces chairman for fourth time in four months

LIMA, May 3 (Reuters) - Peru's state oil company Petroperu PETROBC1.LM has removed its board chairman and accepted another director's resignation, appointing two replacements for them effective this weekend, the company said in a statement late on Saturday.

The state-run company has been embroiled in a fragmented restructuring process, with the new chairman appointed this weekend being Petroperu's fourth since the end of December 2025.

THE CHANGES

• Roger Arevalo Ramirez was removed as board chairman of Petroperu, and Edmundo Antonio Lizarzaburu was appointed as his replacement, starting on Sunday, the statement said.

• Arevalo had been appointed chairman on March 26, after his predecessor Edgar Zamalloa resigned just weeks into the role, amid a deepening financial crisis.

• Board member Carlos Augusto Villalobos resigned from his role, with Berthin Enrique Gomez Vela appointed in his stead, the statement said.

• Petroperu needs about $2 billion in loans to avoid halting its fuel output from its refineries amid financial difficulties and high oil prices driven by the Iran war, Arevalo said last Tuesday.

• 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.