Enap Plans US$4.5bn Investment for 2007-11

Chile's state oil company Enap plans to invest US$4.5bn in projects from 2007-11, up 130% from the previous five-year period, local press quoted Enap CEO Enrique Davila as saying.

Of the total, Enap will provide US$2.32bn from its own funds, with the balance coming from private capital.

Further, Enap aims to submit profits of US$1.07bn to the state in the period, up 30.1% from 2002-06, and aims for the company to be valued at US$5.48bn in 2011.

Company plans include E&P in Region XII, the prospective US$400mn LNG re-gasification terminal in Quintero bay and a new US$400mn coker plant with the capacity to process 30,000l of crude a day.

Enap also plans to invest US$250mn to double the current 10,000b/d processing capacity of its Petropower plant at Enap's Bio Bio refinery and increase its generation capacity to 125MW from 75MW.

The company also is analyzing the construction of two sulfur plants for US$80mn each and a US$100mn hydrogen plant.

Finally, the company continues to evaluate the feasibility of a 400MW cogeneration plant to be developed with the UK's BG (NYSE: BG) and forestry, fishing and fuels conglomerate Copec.

Enap originally estimated the plant would carry a cost of US$200mn-300mn. The plant would be built on land owned by Enap's Aconcagua refinery and use LNG from the re-gasification terminal as feedstock.

The company would use the plant to participate in the power supply tender that local distributors will carry out in June.

Davila also mentioned Enap could be interested in entering the fuel distribution business if current players decide to sell their assets.

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