Petroperu president resigns, acting president appointed

Hector Taco, president of Petroperu, resigned July 2 from his position following inquiries regarding the company's activities.

July 7, 2003

By an OGJ correspondent

LIMA, July 7 -- Hector Taco, president of Petroperu, resigned July 2 from his position following inquiries regarding the company's activities. Silvio Raffo, a member of the board of directors, has been appointed acting president.

Taco resigned following a report in Congress of alleged irregularities in Petroperu's operations during his presidency. The report also stated that management had not provided reasons for a loss of $9.7 million in the first quarter of the year for the company.