On Wednesday Peru’s Minister of Finance Luis Miguel Castilla announced Petroperu’s initial public offering at the Lima Stock Exchange had been pushed back, again.
The IPO had been announced for April, and was delayed to the second half of the year, after the government make known it wanted to add value to the company before placing it on the market.
According to Gestión, Minister of Energy and Mining Jorge Mergino, said the IPO was expected to occur in September.
Castilla said the government wanted to invest more in the company before placing 20 percent of Petroperu’s shares on the market.
The company, Castilla said, is currently valued at $1 billion dollars - a number the government would like to increase before the public offering, later this year.
The Finance Minister also said it was possible Petroperu would buy a minority stake in the southern natural gas pipeline, owned by Brazil’s Odebrecht, Gestión reported.