Petroperu marks latest privatization stage

Petroperu SA will sign contracts to privatize the operation of its oil terminals in late January with Peruvian concerns Consorcio GMP SA-Grana y Montero SA and Serlipsa Fuel Centre Sur SA.

A third offer, by Williams International Co., Tulsa, did not meet the bid terms, according to Petroperu's privatization committee. Williams offered rates below the base price quoted in the bid documents, plus a percentage to be paid on profits after taxes, the committee said.

Contract terms

The companies will pay $3 million upon signing the 15-year operating contracts for the terminals.

The companies operating the terminals are authorized to charge a maximum 60¢/bbl for storage contracted for 1 month and up to 58¢/bbl of fuel dispatched.

Consorcio GMP SA-Grana y Montero SA will operate two business units, Terminales del Norte and Terminales del Sur.

The company offered to pay Petroperu 27.8¢/bbl dispatched in the northern terminals and 46.7¢/bbl dispatched in the south.

Serlipsa, a local air cargo company in which the World Bank's International Finance Corporation is reported to have a minority share, will pay 45.7¢/ bbl dispatched.

The companies are committed to spend $5.5 milllion over 4 years on improvements to the northern terminals; $6.3 million over 5 years in the central terminals; and $6.7 million over 5 years in the southern terminals.

The northern terminals are at Eten, Salaverry, Chimbote, and Supe; the central terminals at Callao and Cerro de Pasco; and the southern terminals at Pisco, Mollendo, Ilo, Cuzco, and Juliaca.

The government expects to receive $9 million/year in tariffs. The terminals' assets will still belong to Petroperu.

Companies involved

GMP SA is the oil arm of Grana y Montero SA, an engineering and construction company that also deals in real estate and computer products.

GMP is currently producing around 800 b/d in two former Petroperu northern coast marginal oil fields and is seeking new exploration contracts in two other northern coast areas.

Serlipsa said it is coordinating with a European partner that would put up 30% of the capital with an option to expand this to 49%.

Although Serlipsa's representative did not name the company, he said it was one of the three biggest terminal operators in the world. It hopes to reach an agreement by the middle of January.

Next privatization stage

Meanwhile, Ernesto Mitsumasu, executive director of Copri, the government's privatization commission, said that Copri will now evaluate the privatization of Petroperu's next units. These, however, are not included for privatization in the first quarter of 1998.

The units still to be privatized include the Talara oil refinery, the North Peruvian Pipeline, and the Conchan and Iquitos refineries, although these may be offered as concessions or operating or management contracts.