Last year, Peruvian state-owned oil company Petroperú faced one of its worst financial crises. It had accumulated up to $6.5 billion in debt for its Talara Refinery Project, and the company was unable to secure a $500 million loan guarantee from Italy’s export credit agency partly due to intense scrutiny from Indigenous nations and a strong backlash against the company’s track record of environmental, rights, and climate risks.

In 2024, Petroperú begged the Peruvian government for a bailout. Despite its initial hesitation, the government eventually provided means of support to keep the company afloat and attract more investments. Desperate to raise more money to supply its refinery, the company has now turned to international financial markets.

The world’s largest fossil fuel financiers, Citigroup and JPMorgan Chase, are considering supporting the company again, although they are well aware of ongoing demands by a united front of multiple Indigenous nations for a halt to any new financing for Petroperú.

Joining forces with our partners, Amazon Watch is gearing up to launch a series of campaign actions in support of these demands. We ask you to join us as we work together with Indigenous allies to protect the Amazon and our planet. Citi, JPMorgan Chase, and other lenders must not finance Petroperú and further Amazon destruction!