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Low refining margins, gas cuts push Chile's ENAP into red
SANTIAGO
Petroleumworld.com, April 30, 2008
Chile's state energy firm ENAP suffered a $25 million loss in Q1 after
turning a $27 million profit in the same period last year, the company said
Tuesday.
ENAP said the poor result was due to a drop in refining margins to
from $10.70/barrel to $6.40/b as electricity and fuel cost rose and the
dollar weakened against the Chilean Peso.
But it still posted a 68% rise in revenues to $3.058 billion as fuel
prices rose and Chile's industrial and energy sectors turned to diesel to
replace restricted natural gas supplies from neighboring Argentina.
ENAP usually produces most of the fuel it sells at its refineries with
oil imported from Brazil, Peru, Ecuador, Turkey and Angola. But increased
demand had forced it double its imports of refined products, mostly from
Canada, Korea and the US, the company said.
Story from PLATTS
PLATTS 29 04 08
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