Petroperu
Overview
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
vian state-owned
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
company. Its activities include transport, refinery and commercialization of fuel and other oil derivatives. It was created on July 24, 1969, during the presidency of Juan Velasco Alvarado
Juan Velasco Alvarado
Juan Francisco Velasco Alvarado was a left-leaning Peruvian General who ruled Peru from 1968 to 1975 under the title of "President of the Revolutionary Government."- Early life :...
, using properties expropriated by Peru from local oil companies and the International Petroleum Company, a subsidiary of Esso Corporation. Those properties included the world's oldest giant oilfield, La Brea y Pariñas, first discovered in 1869 and eventually acquired by Esso.