Peru's Move: Selling Petroperu's Unprofitable Assets

Peru's government, led by Economy Minister Jose Arista, is considering selling off the nonprofitable and unprofitable assets of the state oil firm Petroperu due to its dire financial condition. Although liquidation or bankruptcy is not being considered, the company's financial state is described as 'extremely grave.'

Peru's government is evaluating the sale of nonprofitable and unprofitable assets of the cash-strapped state oil firm Petroperu, Economy Minister Jose Arista said in a speech to Congress.

The government does not foresee a liquidation or bankruptcy scenario, Arista said.

The company described its financial condition last month as "extremely grave."