Nevertheless, the central bank's target of 17% inflation this year is unlikely to be met.
The new 50-50 joint-venture will combine the upstream assets of Pan American Energy with the downstream business of Axion Energy.
The facility will be streamed with rich gas from the Mana and Toqui-Toqui fields, producing a mixture of liquefied petroleum gases (LPG), gasoline and methane gas.
Export revenue for Peruvian copper, gold, silver, lead and iron ore miners sagged in July as shipments were curtailed and prices of several key metals also declined.
Brazilian opposition senator Paulo Paim backed the suspension of a presidential decree that would open the mineral-rich Renca reserve to mining.