Political appointments stymie Petroperú management capacity - Equilibrium
Bnamericas Published: Wednesday, November 16, 2011
The Peruvian government's aim for state oil company Petroperú to increase its energy sector scope requires the incorporation of first level management capacities, according to ratings agency Equilibrium. "Current management posts are political appointments and there is no mechanism to guarantee selection of the best talent," the agency said in a research note. Equilibrium this week assigned an AA+.pe rating to the NOC in the lead-up to the company's planned share listing on the local BVL bourse. The rating reflects Petroperú's state backing, leadership of the local fuel market with a 47.3% share and the strategic location of its five refineries, which are offset by political interference risk, pending legal framework and the incipient process of good corporate governance. Last year, Petroperú listed itself on the BVL to increase transparency through adherence to strict regulatory disclosure requirements such as the release of quarterly and annual financial information, and the publication of company filings. Company president Humberto Campodónico earlier this month said the share listing could begin in April next year. A law from 2008 sets a minimum of 20% of shares that can be listed. Equilibrium's full report, in Spanish, is available here
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