LIMA, March 26 (Reuters) - Peru’s state-energy firm Petroperu on Thursday pulled out of plans to acquire a 25 percent stake in two oil blocks that it had planned to develop with conglomerate Grana y Montero, Petroperu said in a statement.
Leaders from the Petroperu workers union told Reuters on Wednesday that the company’s board was under pressure from the government to drop shares in the concession.
Petroperu’s board of directors agreed in February to take up its option of a maximum 25 percent share in blocks 3 and 4 which are owned by Grana y Montero. But on Thursday the board, which is now headed by a new company president, said the decision had not complied with the company’s own legal requirements. (Reporting by Marco Aquino; Writing by Richard Lough)