PERU TURNAROUND TIED TO PRIVATIZATION

Petroleos del Peru predicts a 10% increase in Peru's oil production this year and a further increase in 1994. Petroperu also forecasts a sharp increase in drilling in Peru this year. After several years of declining oil production, a gradual turnaround in the cash strapped country's petroleum industry is largely tied to its progress in privatization. The government last year began a campaign to privatize all state owned companies by the end of July 1995.

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