Petroperu Plans $2.7B In Global Bonds, Sees 2015 Profit

Reuters

LIMA, June 12 (Reuters) - Petroperu plans to issue $2.7 billion in global bonds, likely with a 30-year maturity, by the end of November to finance expansion of its main refinery, the president of the state-owned energy company said Friday.

German Velasquez said French bank Societe Generale and Peruvian bank Cofide are the bookrunners on the planned transactions, which will allow Petroperu to ramp up work on its Talara refinery that is now 13 percent complete.

"We think the bond sales should culminate in November of this year for the entire debt ... $2.7 billion," Velasquez told Reuters in an interview.

Velasquez also said Petroperu will likely take up its option on a 25 percent stake in Peru's most productive oil block, 192, next month.

Peru will announce the winning bid for the main operator of block 192, formerly called block 1-AB, on July 15. The field now produces about 12,000 barrels per day, nearly a quarter of Peru's relatively small output.

"It's very attractive to us," Velasquez said, adding that he visited the field in Peru's northern Amazon last week.

Velasquez, appointed chief of Petroperu in March, also said he recently restarted talks with Ecuador's state-owned energy firm, Petroamazonas, on piping crude from Ecuador to the Talara refinery.

Petroperu forecasts swinging back into net profit this year after posting a loss in 2014, Velasquez said.

(Reporting by Mitra Taj and Marco Aquino; Editing by Meredith Mazzilli and James Dalgleish)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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