Management Everything that this board decision brings is known in detail. Key points: Downsizing, selling assets, closing some operations, entering a “PMO” (a kind of private CEO), etc.
In about 10 days, the board of directors will bring its proposal to the shareholders’ meeting, which, if approved, will be implemented immediately with the aim of achieving better results by the end of the year.
However, in this case mainly the Board constituted by the Ministry of Economy and Finance (MEF) and Ministry of Energy and Mines (mine), do not approve these actions, “It’s going to be tempting to leave across the board.”.
“These measures are basically aimed at a sharp reduction in costs and investments that do not bring any benefit to the company (…)”They are close to the company.
read more: Oil remains firm on renewed US demand.
assets
A key point will be the sale of properties including the Pedrober Building (located in Avenida Paseo de la Repubblica, San Ysidro). “Building Sold”, the sources highlight. But it won’t be the only one.
This newspaper learned that at least 100 non-essential properties will be targeted. Although there is no estimate yet on how much could be obtained from this potential sale, as the valuation process has not yet begun, around US$500 million is being talked about.
read more: Gas cylinder: Bottled LPG prices likely to rise later this month, what explains it?
Heading towards Talara
If Petroperú sells the San Isidro building, where will its headquarters be? The answer is not another district of Lima. The board would have proposed that the state oil company should move to Talara (Beura).
They noted that the refinery currently has a strong demand for technical and operational personnel. The crew had to go temporarily from Lima to Buera and then back. This no longer occurs (except in certain areas that may be in the capital).
Personal
People close to the company detailed to the newspaper that the measures will be taken within the framework of the private sector labor law, which will allow the company to match the levels of performance required by the workforce.
This proposal focuses on downsizing managers and employees with different strategies. Although the sources did not specify the number the board estimated for the “cut”, they expected it to be at least a third of the staff.
Petroperú already bet on voluntary resignations, but the impact was not powerful, so now they want to appeal to the structure that allows the private sector.
read more: Oil contracts could be extended for up to 40 years, pending progress in Congress.
Closure of Operations
Another assessment is to close certain operations that “represent losses.” “There is no risk of shortage. The closure of operations was taken with the concurrence of the Board of Directors.”Point out the resources of the department.
Management For example, I learned of talk of two state oil company refineries (one in Iquitos, Loreto, and Canzan, Lima).
Another issue put on the table, in this sense, is the North Peruvian oil pipeline. Sources warn that the important asset is “guaranteed” to Petroperú, so the state oil company could return it to the Ministry of Energy and Mines.
“The law allows the board to argue that it does not want (the pipeline) and Minem has to decide. “Petroperú does not own the property”highlighted those close to the oil company.
PMO
As mentioned above, the Petroperú Board emphasized the need for private management to enter the state oil company. It sees daylight in three to four months (between September or October).
The plan is to pursue a private manager. It is a type of Project Management Office (PMO) or a Chief Transformation Office (CTO). Sources say this “private CEO” will come once “The ship no longer sinks, but begins to sail”.
:quality(75)/s3.amazonaws.com/arc-authors/elcomercio/dfc4eafa-64e8-4cbc-b955-6a3d429cca91.png)
Start standing out in the business world by getting the day’s exclusive news delivered to your inbox Here. If you don’t have an account yet, Sign up for free And be a part of our community.
