Enap Completes Refinery Restructuring in Chile
|Tuesday, December 30, 2003
Chile's state oil company Enap has completed the merger of its Petrox and RPC refineries into a single unit, Enap Refinerias, which will start operations January 1, Enap said in a statement Monday.
According to Enap, the merger creates the largest Pacific coast refiner outside North America. Enap Refinerias has 220,000 barrels a day processing capacity, annual sales of US$2.8bn and assets worth US$1.1bn. Like Enap, Enap Refinerias will not be listed, but will voluntarily adopt the same accounting practices as an open company. Carlos Cabeza, until now operations manager for Enap's refining division, has been appointed as CEO of the new company.
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