"Governance crisis in Petro-Peru raises alarm in the Peruvian business sector."

The manipulation of governance at Petro-Perú has been a hot topic this week, following the possibility of changes to its board of directors, a situation that has generated concern across various sectors, especially within the National Confederation of Private Business Institutions (Confiep). Alfonso Bustamante, the president of this organization, has stated that the lack of governance has been one of the most serious problems faced by the state-owned company, and that if better management had been in place, the current situation would not have arisen, nor would the construction of the new refinery have been approved. The urgency of the situation led Confiep to send communications to the President of the Republic, expressing alarm regarding the potential changes to the Petro-Perú board. Bustamante emphasized that what happens with this company not only affects its internal functioning but also has significant implications for the country’s economy. The Confiep president underscored the need for clear rules governing the company’s operations, which would allow for a stronger relationship with its customers, suppliers, and employees. In his analysis, Bustamante highlighted that the current government has made an effort to appoint a technical and independent board, which is seen as a positive step. However, he also stressed that, so far, the company has lacked the necessary governance to operate efficiently. He pointed out that if Petro-Perú had had an appropriate governance structure, it is likely that the construction of the refinery would not have taken place, highlighting the severity of the situation. The uncertainty regarding the future of the board intensified when the Minister of Energy and Mines, Oscar Vera, confirmed that there would be no changes, while the Prime Minister hinted at the possibility of reviewing this decision. Bustamante expressed concern over these contradictory messages that create confusion. He stated that while the government has the authority to remove board members, it is crucial to preserve the continuity and efforts that have been made to effectively restructure the company. The establishment of a Project Management Office (PMO) is presented as a viable solution to provide Petro-Perú with the governance it desperately needs. Bustamante recalled that neighboring countries, such as Colombia, have successfully implemented such structures in their state-owned Ecopetrol, suggesting that Peru could benefit from a similar strategy. For him, it is essential that any investment in Petro-Perú comes with a clear capital recovery plan, which would avoid continuous dependence on government support. The role of the Minister of Economy, Alex Arista, was also a topic of debate. Bustamante values his technical capability and his ability to alert about the situation at Petro-Perú, but he underscored that the country’s fiscal deficit is a problem that cannot be ignored. In this regard, the minister's management faces a considerable challenge, as he must balance economic growth with the need to control the deficit, a situation exacerbated by the loans granted to the state-owned company. The confusion surrounding the continuity of certain ministers in the cabinet has generated criticism from the private sector. While Bustamante emphasizes that changes in ministers are the prerogative of the head of state, he has also expressed surprise at the retention of some questioned officials in their positions. This scenario has led to speculation about potential power quotas within the government, which could influence the effectiveness of government management. The recent APEC meeting, hosted by Peru, adds an additional weight to the government's responsibility in demonstrating stability and legal security to the international community. Bustamante points out that this is a crucial opportunity for the country to present a strengthened image, given that attracting investments is fundamental for economic development. A clear message regarding the governance of Petro-Perú and political stability is vital for building investor confidence. As the government finds itself at a crossroads, Bustamante and Confiep continue to urge a thorough review of the structures and policies governing Petro-Perú. The current situation not only affects the state-owned company but also projects into the national economic context, making a coordinated approach between the public and private sectors necessary to find effective solutions that ensure the viability and growth of the energy sector in Peru. In this sense, the governance of Petro-Perú is a matter that transcends its internal functioning and becomes a reflection of the country's economic health.