Chile state oil company ENAP to invest $400 million this year

SANTIAGO Tue Jan 14, 2014 3:23pm EST

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SANTIAGO Jan 14 (Reuters) - Chilean state oil company ENAP plans to invest $400 million in 2014, roughly in line with last year, to bolster its gas operations in the south of the country and maintain its three oil refineries.

ENAP intends to spend around $150 million to develop its natural gas operations in the Patagonian region of Magallanes, Chief Executive Officer Julio Bertrand said on Tuesday.

The company has intensified exploration for gas in the region to meet rising demand in the Andean country.

Spending will also go to maintaining the main Aconcagua and Bio Bio oil refineries, as well as the smaller Gregorio operation in Magallanes.

ENAP is the main oil refiner in Chile, which imports nearly all the fuel it consumes.

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