Enap to Increase 2004 Investment 26.5% to US$334mn

Chile's state oil company Enap will invest a record US$334mn in 2004, and private sector partners will invest a further US$90mn in joint projects, Enap said in a statement Thursday.

Investment in refining, logistics and trading will be US$168mn, and main items are environmental and product quality improvements (US$70mn) and efficiency improvements (US$30mn). Exploration and production investment will be US$166mn, with US$43mn on exploration and US$123mn on development.

Investment in Chile's only hydrocarbons producing area, Region XII, will be US$49mn, almost twice as much as in 2003. Investment in 2003 was US$264mn, of which US$131mn was in exploration and production and US$133mn in refining, logistics and trading.

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