PRIVATIZATION UPDATE PERU (FUJIMORI SELLS THE COUNTRY TO IMPERIALISM)

hariette spierings hariette at easynet.co.uk
Wed Apr 3 11:04:57 MST 1996


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>Date: Wed, 3 Apr 1996 06:46:18 -0800
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>From: Gonzalo Urday <gurday at lynx.dac.neu.edu>
>To: hariette at easynet.co.uk
>Subject: PRIVATIZATION UPDATE PERU (fwd)
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>
>TITLE:                   PRIVATIZATION UPDATE
>>
>> SUBJECT COUNTRY(IES):    PERU
>>
>> POST OF ORIGIN:          LIMA
>>
>> SERIES:                  INTERNATIONAL MARKET INSIGHT (IMI)
>>
>> ITA INDUSTRY CODE:       ZRG
>>
>> DATE OF REPORT (YYMMDD): 960329
>>
>> DELETION DATE (YYMMDD):  960929
>>
>> AUTHOR:
>>
>> APPROVING OFFICER:
>>
>> OFFICER'S TITLE:
>>
>> NUMBER OF PAGES:         3
>>
>> SUBJECT:     PERUVIAN PRIVATIZATION UPDATE
>>
>> REF:         (A) LIMA 285 AND PREVIOUS
>>
>> 1.  SUMMARY: THIS MESSAGE PROVIDES UPDATED INFORMATION ON
>> PRIVATIZATIONS OF PERUVIAN STATE ENTERPRISES.  THE SALE OF THE
>> PETROLUBE LUBRICANTS PLANT, WHICH WAS SUPPOSED TO KICK OFF THE
>> FINAL PHASE OF THE PRIVATIZATION OF STATE OIL COMPANY PETROPERU,
>> HAS BEEN POSTPONED UNTIL JUNE.  BUT THE MINISTER OF ENERGY AND
>> MINES SAYS THE SALE OF THE OTHER PETROPERU UNITS WILL PROCEED
>> ACCORDING TO SCHEDULE.  A CONSORTIUM WITH MAJOR U.S.
>> PARTICIPATION ACQUIRED PERU'S LARGEST STEELMAKER -- SIDERPERU.
>> TAX CONSIDERATIONS ARE REPORTEDLY HOLDING UP THE PRIVATIZATION OF
>> KEY MINING PROPERTIES.  END SUMMARY
>>
>> ---------------------------
>> SALE OF PETROLUBE POSTPONED
>> ---------------------------
>>
>> 2.  THE AUCTION FOR 100 PERCENT OF THE SHARES OF THE PETROLUBE
>> LUBRICANTS PLANT, ORIGINALLY SCHEDULED FOR MARCH 27, HAS BEEN
>> POSTPONED.  THE TENTATIVE NEW DATE FOR THE AUCTION IS THE
>> SOMETIME IN THE THIRD WEEK OF JUNE.  THE PETROLUBE SALE WAS TO
>> HAVE KICKED OFF THE MUCH-AWAITED PRIVATIZATION OF THE CORE UNITS
>> OF STATE OIL COMPANY PETROPERU.  THE REASON GIVEN FOR THE
>> POSTPONEMENT WAS THAT POTENTIAL BIDDERS, SPECIFICALLY CHEVRON AND
>> MARAVEN (VENEZUELA), WANTED MORE TIME TO FORMULATE THEIR BIDS.
>>
>> ---------------------------------------------
>> BUT REST OF PETROPERU TO PROCEED AS SCHEDULED
>> ---------------------------------------------
>>
>> 3.  AMADO YATACO, MINISTER OF ENERGY AND MINES, STATED IN THE
>> PRESENCE OF THE AMBASSADOR MARCH 18 THAT THIS WOULD BE THE ONLY
>> DELAY IN THE PREVIOUSLY ANNOUNCED TIMETABLE FOR THE PETROPERU
>> PRIVATIZATION.  SPECIFICALLY, HE ASSERTED THAT THE MUCH MORE
>> IMPORTANT SALE OF THE LA PAMPILLA REFINERY AND PRODUCTION BLOCK
>> 8/8X WOULD PROCEED AS PLANNED IN MAY.  ASSUMING HE IS CORRECT,
>> THE REVISED TIMETABLE WOULD BE AS FOLLOWS:
>>
>> LA PAMPILLA REFINERY                         MAY
>> OIL BLOCK 8/8                                MAY
>> PETROLUBE LUBRICANTS PLANT                   JUNE
>> TALARA REFINERY                              JULY
>> OIL BLOCK X/XI                               JULY
>> NORTHERN PERU PIPELINE                       SEPTEMBER
>> CALLAO MARINE TERMINAL                       SEPTEMBER
>> OTHER MARINE TERMINALS                       OCTOBER-NOVEMBER
>> CONCHAN REFINERY                             DECEMBER
>> IQUITOS REFINERY                             FEBRUARY 1997
>>
>> 4.  INVESTMENT COMMITMENTS FOR THE PETROPERU PRIVATIZATION ARE
>> STILL UNDER REVIEW.  HOWEVER, PETROPERU PRESIDENT ALBERTO
>> PANDOLFI, TESTIFYING BEFORE THE PERUVIAN CONGRESS FEBRUARY 14,
>> ESTIMATED THAT THE REFINERIES WOULD REQUIRE ABOUT USD 200 MILLION
>> IN INVESTMENTS BY 1998 -- ROUGHLY USD 134 MILLION FOR LA PAMPILLA
>> AND USD 68 MILLION FOR TALARA.  HE SAID THE PRODUCTION BLOCKS
>> WOULD ALSO REQUIRE INVESTMENTS IN THE NEIGHBORHOOD OF USD 200
>> MILLION.  PANDOLFI SAID A YEAR-END AUDIT VALUED PETROPERU'S TOTAL
>> ASSETS AT 1.82 BILLION SOLES (USD 774 MILLION) WITH EQUITY OF
>> 711.5 MILLION SOLES (USD 302.8 MILLION).
>>
>> --------------------------------------
>> U.S.-LED CONSORTIUM ACQUIRES SIDERPERU
>> --------------------------------------
>>
>> 5.  A CONSORTIUM LED BY ACERCO S.A. (THE THE LOCAL SUBSIDIARY OF
>> GS INDUSTRIES, CHARLOTTE, N.C.) ACQUIRED 100 PERCENT OF THE
>> SHARES OF THE STATE STEEL COMPANY, SIDERPERU, IN A PRIVATIZATION
>> AUCTION FOR USD 193 MILLION.  THE WINNER WAS ANNOUNCED FEBRUARY
>> 14.  OTHER PARTNERS IN THE CONSORTIUM -- KNOWN AS SIDER CORP. --
>> ARE THE WIESE GROUP (PERU) AND STANTON CAPITAL -- A GROUP
>> COMPRISING U.S. AND CANADIAN INVESTORS.  THE ACQUISITION PRICE
>> INCLUDES USD 26 MILLION IN GOP EXTERNAL DEBT PAPER, CURRENTLY
>> VALUED AT ABOUT 80 U.S. CENTS ON THE DOLLAR.  OF THE CASH
>> PORTION, ABOUT USD 21 MILLION WILL BE PAID UP FRONT, WITH THE
>> REST SPREAD OUT OVER EIGHT YEARS.  THE NEXT HIGHEST BID -- USD
>> 161 MILLION -- WAS ENTERED BY ACEROS AREQUIPA, PERU'S SECOND-
>> LARGEST STEELMAKER.  ACERCO PLANS TO INVEST USD 50 MILLION IN THE
>> SIDERPERU PLANT OVER THE NEXT 10 YEARS.  IN 1995, SIDERPERU
>> PRODUCED 24,000 TONS OF STEEL AND REPORTED SALES OF USD 150
>>


Now, is it indiscreet to suggest that this has any thing to do with glowing
reports in the Wall Street Journal repeating word for word Fujimori's (and
Avakian's) propaganda line about splits in the PCP?



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