By ROBERT KOZAK
LIMA, Peru -- The president of state-owned oil company Petroleos del Peru S.A., or Petroperu, said a project to upgrade and modernize the Talara oil refinery will begin in July.
Hector Reyes said in a posting to the Peruvian securities regulatory agency late Tuesday preliminary work on the $2.7 billion project has already started.
The government plans to reduce levels of sulfur and allow the aging refinery to refine heavier crude.
Petroperu currently runs refineries, a pipeline and leases gas stations, in addition to other businesses.
Dow Jones Newswires