Peru’s finance ministry has assumed control over Petroperu from the energy and mines ministry, now holding a majority of its shares. This move comes as Fitch downgraded Petroperu’s debt to B+, citing the government’s reluctance to support the struggling state-owned oil company. The transition could prompt changes in the board of directors and address the urgent need for cash to sustain operations, including the newly opened Talara refinery, which faced delays and cost overruns exceeding USD 6 bln.