Petroperu Float Back On

Peruvian government officials indicated Monday that they are renewing efforts to privatize a minority stake in oil producer Petroperu. New legislation being prepared would include the sale of up to 49% of Petroperu in order to modernize and better manage the state-owned producer, according to public remarks by Finance Minister Luis Miguel Castilla cited in local news reports. The intention to open up Petroperu to private investment has been repeated by several government and company officials in recent years, though a concrete plan has yet to emerge. Petroperu will also spend $3.5bn to upgrade the Talara refinery.