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Peru's state oil company Petroperú aims to complete the debt process to finance the US$5bn Talara refinery modernization project (PMRT) in the second half of 2019, according to the NOC's president Luis García Rosell.
The executive made the announcement after the economy and finance ministry authorized Petroperú to take on US$1.3bn in debt for PMRT which is scheduled to enter service in January 2021.
The company plans to finance US$3.9bn through debt, having already raised US$2bn in bonds last year, and the other US$1.1bn with its own resources.
The comptroller general must now issue a report for Petroperú to sign the respective contract with the ministry and the guarantor, Spanish state export credit agency Cesce, state news agency Andina quoted García as saying.
In a related note, Petroperú reported that with regard to the award of PMRT's EPC contract for auxiliary units and complimentary works, the process continues in the document presentation stage on the part of the winner, Consorcio Cobra-SCL.
Petroperu also has bidding underway for PMRT's transmission component.