The Peruvian oil federation questions ProInversión's plan to open seven heritage blocks to private capital and demands job guarantees and clear timelines.
The National Federation of Oil Workers, Energy and Related Industries of Peru (Fenpetrol) has expressed concern over ProInversión's announcement to begin promoting private investment in the first assets of Petroperú in October, as reported by infobae.com. The union argues that any decision regarding the state oil company must align with its operational and financial recovery process.
The plan, designed by the Petroperú Heritage and Operational Reorganisation Project led by Ángel Delgado at ProInversión, includes seven heritage blocks and would allow the company to partner with private capital in certain business units. For Fenpetrol, this scheme raises doubts about the future of productive assets and workers.
"These indicators do not mean that Petroperú's problems are resolved, but they do show that there is a recovery path that must be consolidated," stated Fenpetrol's general secretary, Rafael Noblecilla.
The federation highlights that Petroperú closed the first half of 2026 with a net profit of USD 121 million, an operating profit of USD 337 million, and an EBITDA of USD 453 million. Additionally, the company reduced its working capital deficit by USD 869 million compared to December 2025.
In terms of credit, Moody's Ratings changed Petroperú's outlook from negative to positive in September. In May, S&P Global Ratings reaffirmed the B- rating and withdrew the special review initiated in December 2025. Fenpetrol also considers the financing of USD 475 million for working capital, aimed at purchasing crude oil, essential services, and other operational obligations, to be significant.
The union requests clarification on the destination of the USD 25 million deducted from the total credit of USD 500 million and that these resources be used promptly to ensure crude oil acquisition and maintain processing at the Talara Refinery, as well as fuel supply in Lima through the Conchán Refinery and Petroperú's commercial network.
For Fenpetrol, it would be contradictory to promote resources for recovering operational capacity while simultaneously advocating measures that could fragment linked assets within the same value chain. The organization argues that Talara and Conchán should be evaluated from a joint operational and commercial perspective, and that the eventual entry of private operators should not be excluded from the corporate strategy or the company's role in national energy security.
The Emergency Decree No. 010-2025 establishes the reorganisation of Petroperú's assets by blocks and assigns ProInversión the task of designing the process. Fenpetrol rejects any potential "covert privatisation" and demands the repeal of the regulation. The Constitutional Court still needs to resolve the unconstitutionality claim filed by the Ombudsman's Office; the full court reviewed the case on 25 August 2026 and it is now pending a vote.
The federation requests the Executive to clarify the timelines, the scope of the announced processes, and job guarantees, as well as to assess Delgado's continued leadership of the reorganisation project. The process of promoting private investment in the first assets begins in October, pending the Constitutional Court's ruling on the decree that supports it.
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