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Petroperu plans to sell 20pct of shares, resume oil output
November 15, 2011
State owned Petroperu plans to list up to 20% of its assets on the Lima Stock Exchange (BVL), in an effort to raise capital and fund the company’s expansion, said Humberto Campodonico, head of Petroperu.
Reuters reported that Petroperu wants to start producing oil like Colombia's Ecopetrol and Brazil's Petrobras and is also advancing plans to modernize its principal refinery.
Currently Petroperu is only dedicated to the refining, storing and marketing of petroleum and petroleum products.
In Peru, Petroperu competes with Spanish company Repsol-YPF.
The company stopped production in the 1990s during a government drive to privatize various sectors of the economy.
"We hope to enter the market in April to see 20 percent of our stock trading, like Ecopetrol has," Campodonico said at a press conference
Campodonico also said Petroperu had signed a memorandum of understanding with Repsol, in order to develop natural gas projects, and examine the possibility of distributing to the south.
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