MercoPress. South Atlantic News Agency

ENAP's profits increase

Chilean government oil company profits after tax reached 90 million US dollars during 2001, a 15% increase, according to the company's CEO Daniel Fernández.

However earnings slipped slightly compared to 2000 because of monetary corrections to the budget, the decrease in oil and refined products prices particularly in the last quarter of 2001 and provisions associated to the de-commissioning of ENAP Magallanes operations for the coming two years.

Mr. Fernández pointed out that all of ENAP's subsidiaries had performed accordingly, particularly refining and overseas investments.

Local refineries production increased from 11,7 million cubic meters in 2000 to 12,1 million cubic meters last year, with exports jumping 64% and reaching 1,6 million cubic meters equivalent to 198 million US dollars.

"Our challenge is to continue with the current policy and consolidate ENAP as the most competitive medium sized oil company in the region and one of the most competitive in the world", said CEO Fernández who indicated pre-tax earnings reached 266 million US dollars.

As far as home oil production Mr. Fernández indicated that ENAP's production was 37,575 barrels per day, equivalent to 18% of Chilean refineries demand.