Energy investments in Chile to reach $ 24.5 bn through 2012

Oct 09, 2008 02:00 AM

Investment in Chile's energy sector through 2012 will reach $ 24.5 bn, nearly 43 % of the total $ 57.3 bn to be invested in the country during the period, energy minister Marcelo Tokman said at the 5th Energy Integration Congress.
The global financial crisis could bring uncertainty to planned investments in the sector, he said.

"While we are in a period of great fluctuation and uncertainty, the Chilean economy has never been better prepared to confront a situation like this," Tokman said in Santiago. "We have to learn that we are subject to much more volatility than before," he said, adding Chile had even more of a reason to reduce its dependence on imported fossil fuels."
"We were talking about oil at $ 150/bbl a few months ago and are now seeing prices closer to $ 90/bbl," Tokman said, adding $ 90/bbl should not be seen as the long-term price given recent volatility.

Chile's power sector is heavily dependent on international oil prices.
Generators have been burning diesel of late in light of decreased imports of Argentine gas.

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