Enap CEO steps down, state to bolster balance sheet with US$300mn

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Monday, August 26, 2013

The chief executive of Chile's national oil company Enap, Ricardo Cruzat Ochagavía, has announced he will step down effective September 13.

The board of directors approved Cruzat's resignation and appointed Julio Bertrand Planella, Enap's refining and marketing head, CEO, according to a company press release.

Bertrand joined Enap in 1996 and was key in the negotiations with UK major BG (LSE: BG) over LNG supply at the GNL Quintero terminal last year.

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Cruzat is one of three candidates on a shortlist to take over the reins of CGE's natural gas and LPG distributor Gasco, according to Chilean press reports.

In related news, the energy ministry has pledged to inject US$300mnm into Enap's balance sheet after the firm announced the US$312mn sale of its 49% stake in Primax service centers in Peru and Ecuador. This will help improve the state controlled firm's highly leveraged financial position.