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Peru plans Petroperú share sale to raise money for refinery

Almost half of Petroperú's shares will go on the stock market

The Peruvian government has won congressional approval for a plan to sell off as much as 49% of national oil company Petroperú on the local stock market in a bid to raise funds for a $3.5 billion refinery upgrade project. The government has said that Petroperú will contribute $2.73bn of funding towards the expansion and modernisation of the Talar refinery, with the rest coming from other private companies. The government has valued Petroperú at around $1bn, but said that it expects that to rise over time. Upgrading the Talar refinery, located in the north of the country, has long been in the cards, but finally appears to be moving forward. The country's prime minister has declared the Talar

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