Petroperu overhauls board, names Zamalloa as president

Petroperu overhauls board, names Zamalloa as president

Peruvian state-owned oil company Petróleos del Perú SA (Petroperu) has restructured its board and appointed Luis Canales Galvez as chairman and president, replacing interim leader Fidel Moreno, who served for less than a month. The changes followed the resignation of four board members, including Moreno, and the appointment of three new directors under Law 32103 and Emergency Decree 004-2024, which expedited the process by waiving standard selection procedures. Finance Minister Denisse Miralles emphasized the need for Petroperu to adopt short-term measures to reduce costs and improve efficiency, labeling the company a "strategic state asset" that cannot continue operating at a financial loss.

The overhaul aligns with broader restructuring efforts, including a planned reduction of 1,554 positions announced in February 2026 under Emergency Decree 010-2025. These measures aim to streamline operations, eliminate non-essential roles, and implement voluntary separation programs, reflecting the board's focus on financial sustainability. The changes come amid political shifts following President José Jerí's assumption of power in October 2025, though his interim administration faces pressure to deliver tangible results before its term ends in July 2026. Shareholders will later determine whether the new board members qualify as "independent directors".

The appointments and restructuring underscore the government's prioritization of fiscal discipline for Petroperu, a company long criticized for inefficiencies and reliance on state subsidies.