Chile’s Enap Set to Slash Debt Burden That Weighed on Investment
- Company is benefitting from high oil prices, refinery margins
- State firm also plans to boost exploration to lift reserves
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Enap, Chile’s state oil and gas company, plans to use near-record earnings to slash its debt burden, while increasing investment in its refineries and in exploration and production.
The company aims to reduce its debt load to about $3 billion “medium term” from the current $4.3 billion, Chief Executive Officer Julio Friedmann said in an interview. Plans include a bond sale in the first half of this year to refinance some securities.