UPDATE 1-Chile's ENAP to sell stakes in Ecuador, Peru to Grupo Romero
SANTIAGO Aug 20 (Reuters) - Chilean state oil company ENAP said on Tuesday it will sell its stakes in Ecuadorian and Peruvian gas station operations to Peruvian conglomerate Grupo Romero as it seeks to shore up its shaky finances.
Empresa Nacional del Petroleo is shedding its stakes, both around 49 percent, in Manu Peru and Primax Comercial del Ecuador to the Peruvian group that already controls both companies, for $312 million.
"This is an attractive offer for a non-strategic asset," ENAP Chief Executive Officer Ricardo Cruzat said in a statement. "The money will be used to reduce ENAP's financial debt and go towards the sustainable development of its main business."
The Chilean company expects the sale to benefit its results by around $120 million.
The planned purchase by Grupo Romero, which is involved in banking, food, transportation and textiles, should be completed in the fourth quarter, pending regulatory approval in Chile, Ecuador and Peru.