Repsol’s Peru refiner sees ‘sustained recovery’
Repsol-controlled Peruvian refiner La Pampilla’s second quarter sales rose 237% year-on-year to US$755mn, which the latter attributed to a 125% increase in volumes driven by vaccination programs and higher prices.
“During the second quarter of 2021, a sustained recovery of economic activities has been observed, both in the local market and in exports,” Pampilla said in its latest financials.
The state of emergency on account of the pandemic began on March 16 last year and under the latest extension ends on August 31.
In 2Q21, the refiner’s local and export sales totaled 7.02Mb and 1.88Mb, respectively, up 129% and 112% compared with the year-ago quarter. The bottom line grew 84% to US$27.3mn in the period.
The Repsol unit invested US$7.57mn in the first half, of which US$2.84mn went to the new T4 terminal and improvements at terminals T1, T2 and T3 (RLP35), and the balance to minor works.
Regarding the outcome of the recent presidential election, Pampilla said “the Peruvian economic environment will be attentive to guidelines proposed by the new government” that takes office on July 28.
The 117,000b/d La Pampilla complex (pictured) is Peru's largest refinery, followed by state oil company Petroperú's plants Talara (65,000b/d, to be expanded to 95,000b/d with an overhaul underway), Conchán (15,500b/d), Iquitos (12,000b/d), Pucallpa (3,300b/d) and El Milagro (2,000b/d). The latter two are closed.
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