Chile ENAP has $200 mln net in 2009 as costs fall

SANTIAGO Feb 8 (Reuters) - Chilean state oil company ENAP said on Monday it made a net profit of $200 million in 2009, a sharp turnaround from a loss of $955 million during 2008, citing lower costs and lower international oil prices.

ENAP said it had made significant savings on contracts for goods and services, as well as in financial and administrative costs.

"The profit of $200 million for the period is the best the company has seen in the last 10 years," ENAP Finance Director David Jana told a news conference.

ENAP benefited from a fall in international crude prices. Energy-poor Chile, which relies heavily on hydroelectric power generation, imports almost all the crude and natural gas it uses.

ENAP forecasts it will invest around $435 million this year, centered on its refinery business as well as exploration and production.

Chief Executive Officer Rodrigo Azocar said the company had strong cash flow and would not seek to raise capital or issue debt.

President-elect Sebastian Pinera, who was elected in a January run-off and takes office in March, has vowed to overhaul state companies like ENAP and copper giant Codelco [CODEL.UL] and to open them up to private investment in a bid to increase efficiency. (Reporting by Fabian Cambero. Writing by Simon Gardner; Editing by Lisa Von Ahn)