Peru's Petroperu Says No Offer Made to Purchase Repsol Assets

By Robert Kozak

LIMA, Peru--State-owned oil company Petroleos del Peru, or Petroperu, said Tuesday that its board hasn't authorized making any offer to purchase assets of Spain's Repsol SA (REP.MC) in Peru.

Various news reports recently have speculated that Petroperu made an offer for Repsol's gasoline stations, La Pampilla refinery and a cooking-gas-distribution network.

"In accordance with our statutes, the board of directors can decide on a purchase of assets or shares of other companies, and at present there is no agreement of the board of directors that authorizes the company to purchase the aforementioned assets," Petroperu's Director General Luis Lem Arce said in a statement.

The newspaper, Gestion, citing unnamed sources Tuesday, said an offer had been made on the part of the state to purchase Repsol's assets by a five-member Petroperu shareholders group, which includes the Minister of Energy and Mines, the Minister of Finances and deputy ministers.

That shareholders group is different from Petroperu's board of directors.

In January, Energy and Mines Minister Jorge Merino said that the government was interested in buying some 200 gas stations owned by Repsol.

He said that the government wanted to use the stations to expand the supply of natural gas for vehicles outside of the capital, Lima.

Repsol's La Pampilla refinery has a capacity of 102,000 barrels a day.

Repsol has been selling some of its assets, and earlier this year, it sold off a minority holding in Peru LNG, which produces liquefied natural gas.

Petroperu, meanwhile, is involved in an upgrade of its Talara refinery.

Petroperu currently runs refineries, a pipeline and leases gas stations, in addition to other businesses.

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