approves

The move opens key assets to private investment and comes as Petroperu faces mounting losses and debt.

Peru’s government has approved an emergency decree allowing private investment in parts of the state-owned oil company Petroperu, as authorities move to stabilise a firm weighed down by mounting losses and debt.

President Jose Jeri announced the decision shortly before the beginning of the new year.

The measure permits the reorganisation of Petroperu into one or more asset units, opening the door to private participation in key operations. That includes those at the flagship Talara refinery, which recently underwent a $6.5bn upgrade.

Beyond the refinery, Petroperu operates or holds concessions for six crude oil blocks with limited production, alongside a nationwide fuel distribution and marketing network.

In a statement, Peru’s Ministry of Energy and Mines said the decree seeks to “ensure compliance with financial obligations through technical management of its assets, laying the foundation for Petroperu to become a self-sustaining company”.

The ministry said the company’s financial position “is particularly sensitive”, citing accumulated losses of $479m between January and October 2025, as well as debts to suppliers totalling $764m through December.

Those figures come on top of reported losses of $774m in the previous year.

Petroperu’s financial strain has been compounded by debt linked to the Talara refinery modernisation, which ultimately cost double its original estimate and led to the company losing its investment-grade credit rating in 2022.

Since then, the government has repeatedly stepped in to support the firm, providing about $5.3bn in financing between 2022 and 2024.

The company, which is seen as crucial to Peru’s energy security, has also faced environmental scrutiny.

Authorities declared an “environmental emergency” and launched an investigation following an oil spill along a stretch of the country’s northern coastline in 2024, affecting an estimated 47 to 229 hectares (about 116 to 566 acres).

The Petroperu restructuring effort comes amid persistent political instability in Peru. Several presidents have failed to complete full terms in recent years, including Dina Boluarte, who was impeached by Congress in October.

Her successor, Jeri, has struggled to steady leadership at Petroperu, appointing three board chairs in just three months.

The move comes as Peru faces continuing political volatility, economic uncertainty and public pressure for stronger oversight of state institutions.

Dec. 18 (UPI) — The United States has approved a massive $11.1 billion arms deal with Taiwan, the self-government Asian island announced Thursday.

The U.S. Congress was informed of the sale on Wednesday, the president’s office said in a statement.

The package includes eight items, such as HIMARS rocket systems, TOW missiles, Javelin anti-tank missiles, anti-armor loitering munition systems, spare attack helicopter parts and the Taiwan Tactical Network military communication platform and Tactical Awareness Kit, among other lethal equipment.

Taiwan’s foreign ministry said in a statement that it “welcomed” the announcement and expressed its “sincere appreciation for the United States’ long-standing support for regional security and Taiwan’s self-defense.

The arms sale is the second to Taiwan of President Donald Trump’s second administration and comes as China increases its military pressure on the self-governing island.

Hours prior to the deal being announced, Taiwan’s Ministry of National Defense said 40 sorties of Chinese fighter jets and eight navy vessels were detected operating around the island. Of the fighter jets, 26 had crossed the median line and entered Taiwan’s northern, central, southwestern and eastern Air Defense Identification Zone.

A day earlier, 23 sorties of fighter jets were detected and nine fighter jets and seven navy vessels were spotted a day before that.

China views Taiwan as a breakaway province and has vowed to take it back by force if necessary. Taiwan is a self-governing island that Beijing has never ruled.

The office of Taiwanese President Lai Ching-te said the arms deal highlights the close partnership between the two countries and demonstrates “the importance the U.S. government attaches to Taiwan’s national defense needs.”

Presidential Office spokesperson Karen Kuo added that due to increasing security concerns, Taiwan will raise defense spending to more than 3% of GDP next year and aims for it to be 5% by 2030.

“Taiwan will continue to reform national defense, strengthen whole-of-society defense resilience, demonstrate our determination for self-defense and maintain peace through strength,” Kuo said.

The U.S.-Taiwan Business Council said it was a record single U.S. security package for Taiwan and was in response to the threat posed by China and a potential Beijing ground invasion.

“We continue to see the prioritization of platforms and munitions that address a D-Day-style attack on the island,” USTBC President Rupert Hammond-Chamber said in a statement.

Huge US arms package for Taiwan includes HIMARS rocket systems, howitzer artillery, antitank missiles, and drones.

The United States has approved $11.1bn in arms sales to Taiwan, one of Washington’s largest-ever weapons packages for the self-ruled island, which Beijing has promised to unify with mainland China.

The US State Department announced the deal late on Wednesday during a nationally televised address by President Donald Trump.

Weapons in the proposed sale include 82 High Mobility Artillery Rocket Systems, or HIMARS, and 420 Army Tactical Missile Systems, or ATACMS – worth more than $4bn – defence systems that are similar to what the US had been providing Ukraine to defend against Russian aerial attacks.

The deal also includes 60 self-propelled howitzer artillery systems and related equipment worth more than $4bn and drones valued at more than $1bn.

Other sales in the package include military software valued at more than $1bn, Javelin and TOW missiles worth more than $700m, helicopter spare parts worth $96m and refurbishment kits for Harpoon missiles worth $91m.

In a series of separate statements announcing details of the weapons deal, the Pentagon said the sales served US national, economic and security interests by supporting Taiwan’s continuing efforts to modernise its armed forces and to maintain a “credible defensive capability”.

Taiwan’s defence ministry and presidential office welcomed the news while China’s foreign ministry did not immediately respond to a request for comment from the Reuters news agency.

Washington’s huge sale of arms to Taiwan will likely infuriate China, which claims Taiwan is part of its territory and has threatened to use force to bring it under its control.

“The United States continues to assist Taiwan in maintaining sufficient self-defence capabilities and in rapidly building strong deterrent power,” Taiwan’s defence ministry said in a statement.

Taiwan presidential office spokesperson Karen Kuo said Taiwan would continue to reform its defence sector and “strengthen whole-of-society defence resilience” to “demonstrate our determination to defend ourselves, and safeguard peace through strength”.

China’s Taiwan Affairs Office said on Wednesday that it opposed efforts by the US Congress to pass bills “related to Taiwan and firmly opposes any form of military contact between the US and Taiwan”.

“We urge the US to abide by the one China principle and the provisions of the three Sino-US joint communiques : Stop ‘arming Taiwan’, stop reviewing relevant bills, and stop interfering in China’s internal affairs,” the office’s spokesperson Zhu Fenglian said in a statement.

Zhu said Taiwan’s political leaders were pursuing “independence”, and were “willing to let external forces turn the island into a ‘war porcupine’,” which could result in the population becoming “cannon fodder” and “slaughtered at will, which is despicable”.

Taiwan’s President William Lai Ching-te last month announced a $40bn supplementary defence budget, to run from 2026 to 2033, saying there was “no room for compromise on national security”.