Peru PM Warns Gas Sector: Pay Higher Taxes or Face Nationalization
Peruvian Prime Minister Guido Bellido on Sunday said that
companies which exploit natural gas in Peru will need to agree to pay higher
taxes or else face nationalizations, a sharp warning to the sector from the new
leftist government.
Bellido told Reuters in August
https://www.reuters.com/world/americas/exclusive-perus-new-govt-eyes-natural-gas-hydroelectric-sectors-public-companies-2021-08-08
that the government was planning to participate more deeply in the main
industries, including natural gas and new hydroelectric projects, and would
look to create new state companies.
The Andean country, the world's No. 2 copper producer, has a
major gas operation run by the Camisea consortium, led by Argentina's
Pluspetrol, with smaller stakes held by South Korea's SK Group, Hunt Oil and
Repsol.
"We summon the Camisea gas operating and trading
company to renegotiate the distribution of profits in favor of the State,"
Bellido wrote on Twitter.
"Otherwise, we will opt for the recovery or
nationalization of our field."
Investors are closely watching the administration of
President Pedro Castillo, an outsider former teacher who took office in July
after a shock election win, with a focus on his government's mining policy and
taxation levels.
The natural gas from Camisea is liquefied by a separate
consortium, called Peru LNG, which includes Royal Dutch Shell, Japan's Marubeni
Corp, SK Group and Hunt Oil.
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