秘鲁国家石油公司董事长表示，公司董事会将在明年初寻求出售这家陷入困境的国有石油巨头的小部分股权。他还称，公司有望录得自2021年以来的首次年度盈利。
Petroperu’s board will look to sell a minority stake in the ailing state-owned oil giant early next year, according to its chairman, who says the company is on track to notch its first annual profit since 2021.
尽管奥利弗·斯塔克正准备吸引私人资本，但他对公司的评价却相当严峻。“如今，对秘鲁国家石油公司这样的企业感兴趣的人并不多，”他在一次采访中说。
Even as he prepares to court private money, Oliver Stark offered a grave assessment of the firm: “Today there aren’t many interested in a company like Petroperu,” he said in an interview.
强劲的炼油利润率可能带来罕见的盈利，但多年来，公司一直在债务重压下苦苦挣扎——他称目前债务约为75亿美元——而且仍在承受建设塔拉拉炼油厂过程中成本超支和工期延误的后续冲击。该炼油厂于2023年投产。这家正式名称为秘鲁国家石油公司的企业，已成为公共财政的持续拖累，过去几年需要约170亿索尔（50亿美元）的政府救助计划。
Strong refining margins may lead to a rare profit, but for years the company has struggled under the weight of its debt — now about $7.5 billion, he said — and it’s still reeling from cost overruns and delays in building its Talara refinery, which opened in 2023. Petroleos del Peru SA, as it is formally known, has become a constant drag on public finances, requiring some 17 billion soles ($5 billion) in government rescue packages over the past few years.
然而，“如果明天有人表示有兴趣参与秘鲁国家石油公司，我们欢迎，”斯塔克说。他两年前卸任，于今年8月重返该职位。他是通过走马灯式的人事更替上任的。这位69岁的经济学家是秘鲁国家石油公司自2026年初以来的第五位董事长，由藤森庆子任命。藤森庆子是秘鲁过去十年间的第九位总统。
However, “if someone shows up tomorrow interested in participating in Petroperu, they’re welcome,” said Stark, who returned to the job in August after stepping down two years earlier. He came in through a revolving door. The 69-year-old economist is Petroperu’s fifth chairman since the start of 2026, appointed to the job by Keiko Fujimori, Peru’s ninth president in the last decade.
“我们发现公司处于求生模式，”斯塔克说。“这太疯狂了，”他补充道，指的是人事更替的频繁程度。“这样什么也做不成。”他说，秘鲁国家石油公司需要摆脱国家政治动荡的影响独立运营，并效仿其中央银行的独立性和稳定性——该行由行长胡利奥·贝拉德领导已超过二十年。
“We found the company in survival mode,” Stark said. “It’s crazy,” he added, referring to the amount of turnover. “You can’t get anything done like that.”Petroperu needs to operate free from the nation’s political swings, he said, and emulate the independence and stability of its central bank, led by Governor Julio Velarde for more than two decades.
斯塔克并不打算任职那么久，但他希望留任董事长，“直到完成我们在2024年提出的目标所需的时间”，即让公司能够“自立、纳税并为国家做出贡献”。地缘政治帮助公司在斯塔克领导下取得了良好开局。
Stark isn’t planning on a tenure that lengthy, but he wants to remain chairman for “as long as necessary to accomplish what we proposed in 2024,” a company that can “stand on its own, pay its taxes and contribute to the country.”Geopolitics has helped the company get off to a good start under Stark.
在他到任之前，秘鲁国家石油公司报告称，今年上半年净利润超过1.2亿美元，原因是霍尔木兹海峡的长期中断导致燃料价格和炼油利润率飙升。斯塔克预计，假设厄尔尼诺带来的恶劣天气不会中断塔拉拉的业务，秘鲁国家石油公司今年年底的净利润将达到约3.5亿美元，至少是2016年以来的最高水平。
Before he arrived, Petroperu reported a net profit of more than $120 million in the first half of the year, as prolonged disruptions to the Strait of Hormuz sent fuel prices and refining margins surging. Assuming inclement weather from El Niño doesn’t interrupt operations at Talara, Stark expects Petroperu to end the year with a net profit of about $350 million, its biggest since at least 2016.
与此同时，斯塔克表示，摩根大通和花旗集团提供的4.75亿美元过桥贷款帮助缓解了秘鲁国家石油公司的流动性紧张，这是该公司预计于11月中旬敲定的20亿美元融资方案的一部分。
Meanwhile, a $475 million bridge loan from JPMorgan Chase & Co. and Citigroup Inc. has helped to ease Petroperu’s liquidity crunch, part of a $2 billion funding package the company expects to finalize in mid-November, the chairman said.
董事会还计划在年底前裁员，并已开始与银行和律师事务所洽谈明年可能对公司债务结构进行的调整。据彭博汇编的数据，周三，这家钻探公司2047年到期的美元计价债券交易价格约为面值的71美分。
The board is also planning job cuts by year-end and has started talking to banks and law firms about potential adjustments to the company’s debt profile next year. On Wednesday, the driller’s dollar-denominated debt due in 2047 traded at about 71 cents on the dollar, according to Bloomberg-compiled data.
斯塔克拒绝透露这两项计划的细节，称公司希望先专注于改善经营业绩。他说，秘鲁国家石油公司约有2400名员工。
Stark declined to give details on either plan, saying the company wants to focus on improving its operating results first. He said Petroperu has about 2,400 employees.
另一项举措是向私营部门出售股份，斯塔克在2024年领导董事会时曾推动过这一举措。当时，他甚至提出了出售多数股权的想法，并考虑剥离秘鲁国家石油公司的一些 individual 业务。他说，这些计划当时未能赢得政府支持。
Another initiative is selling a stake to the private sector, which Stark pushed when he led the board in 2024. Back then, he even floated the idea of selling a majority stake and considered spinning off some of Petroperu’s individual businesses. Those plans failed to win government support at the time, he said.
不过，他或许能在藤森庆子那里获得更多支持。藤森庆子过去曾质疑政府反复向这家国有企业注入纳税人的钱，并在竞选期间提议将秘鲁国家石油公司转变为公私合作伙伴关系。根据法律，私人投资者最多可持有该公司49%的股份。
Though he may have better luck with Fujimori, who has questioned the repeated injections of taxpayer money into the state-owned company in the past and, during her campaign, proposed turning Petroperu into a public-private partnership. By law, private investors can own as much as 49% of the company.
斯塔克表示，秘鲁促进私人投资的国有机构ProInversion正在寻找投资者，为秘鲁国家石油公司的业务部门带来资本和管理专长，但这些资产仍将归公司所有。他说：“这是一家并将继续是一家由秘鲁国家拥有的秘鲁公司。”
ProInversion, Peru’s state agency for promoting private investment, is seeking investors to bring capital and management expertise to Petroperu’s business units, but the assets will still be owned by the company, Stark said. “This is and will remain a Peruvian company owned by the Peruvian state,” he said.
重组工作还包括引入一位私人投资者来管理塔拉拉炼油厂。该炼油厂去年9月日产量为5.6万桶，低于其9.5万桶的总产能。秘鲁石油公司最近与厄瓜多尔国有钻探公司厄瓜多尔国家石油公司签署协议，由后者供应这座炼油厂所需原油的一半以上。斯塔克估计，该协议将在11个月内节省2亿美元。
The restructuring effort also includes bringing in a private investor to manage Talara, which last September produced 56,000 barrels a day, below its total capacity of 95,000. Petroperu recently signed a deal with EP Petroecuador, Ecuador’s state-owned driller, to supply more than half of the crude the refinery needs, a deal Stark estimates will generate $200 million in savings over 11 months.
他希望这些努力能帮助他实现自己在2024年对公司的愿景，而再次尝试的机会促使他重返董事会。“我还有未竟之事，”他说。
He hopes these efforts will help him realize the vision he had for the company in 2024, and the chance to try again motivated him to return to the board. “I had unfinished business,” he said.