Petroperú Names Luis Suárez Carlo Its New General Manager

Peru's state oil company, Petroperú, has appointed engineer Luis Alberto Suárez Carlo as its new acting general manager on August 15, 2026. Suárez Carlo brings over 40 years of experience in the energy sector, with expertise in hydrocarbons, industrial maintenance, asset management, corporate planning, and project management. He replaces Gustavo Adolfo Villa Mora, who had held the role since February 2026. Rita Lorena López Saavedra briefly led the company before Villa Mora's appointment.

The appointment of Suárez Carlo highlights the ongoing turmoil within Petroperú, which has seen a string of leadership changes in the past year alone. The company is grappling with a mountain of debt, with the latest rating from Moody's cutting its rating to Caa1 and signaling a real risk of default. The company has lost millions of dollars over the past few years, with a net loss of $468 million in 2025 and $774 million in 2024.

Petroperú's most significant challenge stems from the Talara refinery overhaul, which cost around $6 billion and is now severely over budget. The company has been heavily reliant on bailouts from the Peruvian government, with the latest support worth up to $2 billion. Despite the ongoing financial difficulties, Petroperú remains a crucial player in the country, supplying fuel nationwide and embodying national pride.

The new acting general manager must now navigate these complex issues to stabilize the company's finances and ensure its long-term viability.