Edmundo Lizarzaburu Bolaños has been appointed as the new president of the board of Petroperú, assuming leadership during a severe liquidity crisis that threatens the state oil company’s ability to produce fuel. The decision was made by the General Shareholders’ Meeting on May 2, with Lizarzaburu officially taking over as an independent director and board chair on May 3.
A Pattern of Leadership Instability
Lizarzaburu’s appointment highlights a period of extreme volatility within the company’s governance. He is the fourth president of the board in less than three months and the 14th individual to hold the position in less than five years.
The General Shareholders’ Meeting responsible for the appointment consists of Minister of Energy and Mines Waldir Ayasta, who presides over the meeting and Minister of Economy and Finance Rodolfo Acuña. They are joined by Vice Ministers Eloy Durán (Economy), José Calderón (Finance), and Marco Agama (Hydrocarbons).
Lizarzaburu replaces Roger Arévalo Ramírez, who had served in the role since March 2026. Berthin Gómez Vela has joined the board as an independent director, replacing Carlos Villalobos. The company has formally notified the Superintendencia del Mercado de Valores (SMV) of these changes.
Fuel Production at Risk
The leadership change comes as the company faces a critical operational threat. Former president Roger Arévalo recently warned the Congressional Budget Commission that refineries could stop producing gasoline and diesel in early May due to a lack of funds to purchase crude oil.
Arévalo stated that the Iquitos refinery is already stopped due to a lack of fuel, and warned that the Talara and Conchán refineries are also at risk of stopping. He cautioned that if emergency measures are not taken, Peru could be left without fuel.
The US$ 2.5 Billion Funding Gap
To prevent a total production halt, Petroperú requires a total of US$ 2,500 million. Even as the total require is high, Arévalo revealed that private banks have shown interest in providing financing of up to US$ 2,000 million.
The Executive branch is currently designing an urgent financing mechanism intended to avoid a direct cash disbursement from the state. This proposal suggests a structure similar to public-private partnerships (APP), utilizing a contingent state guarantee that would only be activated during exceptional events, such as international market shocks or catastrophes.
This strategy may be the primary path forward to restore liquidity and allow the state oil company to operate under current international market conditions.
Frequently Asked Questions
Who is the new president of Petroperú?
Edmundo Lizarzaburu Bolaños was appointed as the new president of the board and independent director, effective May 3.
Why are the refineries at risk of stopping?
The refineries face a critical situation because the company lacks the liquidity to purchase the oil necessary for refining, which could lead to a halt in the production of gasoline and diesel.
How does the proposed financing plan function?
The plan involves seeking private sector participation through a structure similar to public-private partnerships, using a contingent state guarantee rather than a direct disbursement of government funds.
Do you believe a public-private partnership is the most sustainable way to stabilize state-run energy companies?
