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Petroperú
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Petroperú
Petróleos del Perú (English: Petroleum of Peru), better known as Petroperú, is a Peruvian state-owned enterprise and private law dedicated to the transportation, refining, distribution, and commercialization of fuels and other petroleum products. It has been owned by the State of Peru since 1969, is considered among the taxpayers to the treasury, and currently[when?] employs more than 2,500 people.
Among the current strategic objectives of the company are the supply of fuel to the entire Peruvian market, as well as financial sustainability and its operations, with an emphasis on safety and care for the environment. Petroperú invests in education, health, and other sustainable development projects throughout the Peruvian territory.
On 9 October 1968, the dictatorship of General Juan Velasco Alvarado ordered the seizure and summary expropriation of the facilities of The International Petroleum Company (IPC), a subsidiary of Standard Oil of New Jersey, at the Talara refinery (Piura Department); carried out by General Fermín Málaga. This forced nationalization had a massive publicity effect, helped sway public opinion in favor of the military coup, and allowed the dictatorship to consolidate its grip on power. The date was declared by the military, as the Day of National Dignity, and celebrated as a public holiday until the end of the dictatorship in 1980.
Petroperú was created the following year by law decree issued by General Juan Velasco Alvarado on 24 July 1969. The newly created company was chaired by another General, Marco Fernández-Baca Carrasco and had to face the challenges of operating and maintaining the recently nationalized oil industry with local personnel. It had to do this without resources or technical support from global oil players, who had been alienated by the forced nationalization of the military government.
The company and the government nevertheless had the assistance of Soviet technicians and were able to retain middle managers, surviving and even thriving despite reduced production capacity. Extraction and refining progressively increased owing to oilfield discoveries in the northern jungle (Loreto Department), association agreements that followed after Gen Velasco's deposition by another coup in 1975, and the construction of the North Peruvian Pipeline (Oleoducto Norperuano).
During 2011, Petroperú participated in the construction of the Southern Pipeline, a project that aimed at improving the economic conditions in the south of the country. It also invested about 400 million dollars in the construction of the ethane pipeline that started in the city of Pisco, the same year.
In December 2020, the state oil company, at the special request of the Executive Branch, headed by President Francisco Sagasti, assumed the concession of the Natural Gas Distribution System by Pipeline Network of the South West Concession, for up to three years. This way, Petroperú took over the administration of this temporary concession in order to guarantee the continuity of the provision of the public service of natural gas distribution through the pipeline network in the Arequipa, Moquegua and Tacna regions. This assignment was assumed with full responsibility in a key period for the state company, which commenced a modernization process that included the implementation of important activities to allow it to evolve, maintaining the leadership and sustainability of the business, with transparency, and social and environmental responsibility.
In January 2021 it officially unveiled its new identity, the result of more than eight-years' work in a process that has resulted in a renewed version of the institution's image. With this change, Petroperú sought to position itself in the Peruvian fuel market with a sustainable and competitive projection. In the same year, it received authorization from the Executive Power to issue bonds worth up to $1 billion to finance the last phase of the modernization works of the Talara Refinery.
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Petroperú
Petróleos del Perú (English: Petroleum of Peru), better known as Petroperú, is a Peruvian state-owned enterprise and private law dedicated to the transportation, refining, distribution, and commercialization of fuels and other petroleum products. It has been owned by the State of Peru since 1969, is considered among the taxpayers to the treasury, and currently[when?] employs more than 2,500 people.
Among the current strategic objectives of the company are the supply of fuel to the entire Peruvian market, as well as financial sustainability and its operations, with an emphasis on safety and care for the environment. Petroperú invests in education, health, and other sustainable development projects throughout the Peruvian territory.
On 9 October 1968, the dictatorship of General Juan Velasco Alvarado ordered the seizure and summary expropriation of the facilities of The International Petroleum Company (IPC), a subsidiary of Standard Oil of New Jersey, at the Talara refinery (Piura Department); carried out by General Fermín Málaga. This forced nationalization had a massive publicity effect, helped sway public opinion in favor of the military coup, and allowed the dictatorship to consolidate its grip on power. The date was declared by the military, as the Day of National Dignity, and celebrated as a public holiday until the end of the dictatorship in 1980.
Petroperú was created the following year by law decree issued by General Juan Velasco Alvarado on 24 July 1969. The newly created company was chaired by another General, Marco Fernández-Baca Carrasco and had to face the challenges of operating and maintaining the recently nationalized oil industry with local personnel. It had to do this without resources or technical support from global oil players, who had been alienated by the forced nationalization of the military government.
The company and the government nevertheless had the assistance of Soviet technicians and were able to retain middle managers, surviving and even thriving despite reduced production capacity. Extraction and refining progressively increased owing to oilfield discoveries in the northern jungle (Loreto Department), association agreements that followed after Gen Velasco's deposition by another coup in 1975, and the construction of the North Peruvian Pipeline (Oleoducto Norperuano).
During 2011, Petroperú participated in the construction of the Southern Pipeline, a project that aimed at improving the economic conditions in the south of the country. It also invested about 400 million dollars in the construction of the ethane pipeline that started in the city of Pisco, the same year.
In December 2020, the state oil company, at the special request of the Executive Branch, headed by President Francisco Sagasti, assumed the concession of the Natural Gas Distribution System by Pipeline Network of the South West Concession, for up to three years. This way, Petroperú took over the administration of this temporary concession in order to guarantee the continuity of the provision of the public service of natural gas distribution through the pipeline network in the Arequipa, Moquegua and Tacna regions. This assignment was assumed with full responsibility in a key period for the state company, which commenced a modernization process that included the implementation of important activities to allow it to evolve, maintaining the leadership and sustainability of the business, with transparency, and social and environmental responsibility.
In January 2021 it officially unveiled its new identity, the result of more than eight-years' work in a process that has resulted in a renewed version of the institution's image. With this change, Petroperú sought to position itself in the Peruvian fuel market with a sustainable and competitive projection. In the same year, it received authorization from the Executive Power to issue bonds worth up to $1 billion to finance the last phase of the modernization works of the Talara Refinery.
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