Sipetrol bidder for stake in Argentinean San Jorge

Aug 27, 1999 02:00 AM

Enap's Sipetrol subsidiary bidded for a stake in the Argentinean oil company San Jorge, which is valued at between $ 800 mm and $ 1 bn In order to back that investment, Sipetrol may form an alliance with a German company.
In Chile, Sipetrol will research and develop oilfields located in Arica, Pampa del Tamarugal, Arauco and XII Region until 2003. Enap's oil refinery Petrox disclosed the construction of a lube oils producing plant through partnerships - Chile imports 100 % of its consumption.

Petrox's plant will demand investments of $ 180 mm to produce 150,000 tpy. Petrox plans to invest $ 50 mm during 1999, of which $ 27 mm in a diesel treatment plant. Besides, Petrox plans to build a thermoelectric plant near the Refineria de Concon refinery.
The new plant will be built by Petropower (Foster Wheeler and ENAP) and will be fired with petcoke. Petrox will also form alliances with private companies to build the Petroquim polypropylene plant.

Source: Sabi via Newspage
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