Sipetrol to allow Enap to double the supply

Jul 21, 2000 02:00 AM

Chile's Sipetrol will invest $ 70 mm this year to allow its parent company Enap to double the supply of its own oil to its refineries. With the move, Sipetrol and Enap's oil production will reach 15 mm barrels per year until 2005. Enap predicts to produce 7 mm barrels of oil this year, of which 5 mm will correspond to Sipetrol's production. Enap discarded Sipetrol's sale, but may consider possible private investments in the subsidiary.
Enap has invested $ 500 mm in Sipetrol's foreign operations as of 1990. As of 2001, the investments in the subsidiary will amount to $ 100 mm per year.

Source: Bridge News via Newspage
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