The contract, which is expected to be signed in April 2014, will allow to commence work on a $3.5bn refinery upgrade.
The Talara refinery is located in northern Peru and the expansion project intends to increase the facility’s output by 50% to about 96,000 barrels per day.
Peru Prime Minister Rene Cornejo was quoted by Reuters as saying that the contract for the modernisation of the refinery would be signed next month now that technical studies and the contract framework have been established.
According to Peru’s government, the upgrades at the refinery will start in 2014, with completion planned in 2017.
Congress has approved the privatisation of about 49% of Petroperu in December 2013.
