MercoPress. South Atlantic News Agency

ENAP expands in Libya and Peru.

Chile's government oil company ENAP has acquired Shell Peru assets and will be involved in hydrocarbons exploration and exploitation in Libya, was announced this Monday by company officials in Santiago.

Shell Peru assets include 165 gasoline stations, 12% of the Peruvian market; wholesale fuel distribution mainly to the fisheries, mining and manufacturing industries, and lubricants retail distribution.

ENAP will also be participating in hydrocarbons exploration and exploitation in Libya through its international affiliate Sipetrol which "already operates in Argentina, Ecuador, Colombia, Egypt, Yemen and Iran", according to Enrique Davila Alveal ENAP's CEO.

ENAP has specialized in oil refining and is a leading player in the western hemisphere Pacific basin, "but we also need to ensure our own supplies".

With this in mind Sipetrol will be investing this year 330 million US dollars looking for oil, compared to 260 million US dollars in 2003.

Last March Sipetrol discovered new oil deposits in Egypt and is currently exploring in Iran and Yemen.

In Peru ENAP has joined Romero Trading, one of Peru's main economic groups with ramifications in finance, industry, distribution and services, which will enable them to a 20% share of the country's fuel market.

"It's a decisive step for marketing our products with stability and is clearly in line with our policy of adding value contemplated in the company's Strategic Business Plan. We're associates of a leading business group in Peru which clearly enhances our international standing", said Mr Davila Alveal.

ENAP in 2003 had record earnings of 227 million US dollars, 69% above 2002.

Mr. Davila Alveal also revealed that ENAP is holding discussions with the Brazilian oil company Petrobras for hydrocarbons exploration offshore Chile.