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The Organic
Law for Hydrocarbons, Law N° 26221, was
enacted on August 19, 1993, coming into effect on
November 18, 1993. Such norm was modified by Law No.
26734 as of December 30 1996, No. 26817 as of June
23, 1997, and Law No. 27343 as of September 01, 2000,
No. 27377 as of December 06, and Law No. 27391 as
of December 29, 2000. This norm, which is intended
to foster the investments in fuel resource exploration
and exploitation activities, created PERUPETRO S.A.
as a Private Law State Company of the Energy and Mining
Sector.
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 Considering
such law, the Government promotes the development of Fuel
Resource activities based on the free competition and access
to the economic activity, guaranteeing the juridical stability
of the contracts according to provisions set forth in article
62° of the Constitution of Peru.
Likewise, it guarantees the Contractors the stability of
the taxation and foreign exchange regimes in force to the
date of the signing of the contract.
Law No. 26221 sets that
Fuel Resources exploration and exploitation activities will
be carried out under the form of License Contracts as well
as Service Agreements or other contract modalities authorized
by the Ministry of Energy and Mining, and governed by the
Private Law, and which after being approved and signed,
may only be modified according to a written agreement signed
by both parties. Likewise, any modification must be approved
by Supreme Decree.
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