Finance Minister Felipe Larraín announces US$ 400mn extraordinary capitalization of ENAP

Friday, August 3, 2018

Press release of the Ministry of Finance of Chile

The Minister of Finance, Felipe Larraín, today announced the Government's decision to capitalize extraordinarily the National Petroleum Company ( ENAP ) with US $ 400 million, thereby complying with Law 21,025, which established a new corporate governance for the state firm in order to modernize it to improve its management, administration and results, as well as strengthen its financial position.

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The transfer of resources was completed today within the term established in Decree 1.639.

"We trust that the administration of the company will make good use of these resources, which for us are important, since they belong to all Chileans," said the Minister of Finance, after meeting with the president of the board of Enap, María Loreto Silva , the general manager of the firm, Andrés Roccatagliata, Ariel Azar, Manager of Administration and Finance, Gonzalo de la Carrera, vice president of the Board, Anita Holuigue, director, Claudio Skármeta, director and Marcos Varas, union director.

For his part, Loreto Silva thanked the Government for its support to Enap and valued the trust placed.

It should be noted that on June 28, Finance Minister Susana Jiménez, at ENAP's Shareholders' Meeting, approved the company's Five-Year Plan for the 2018-2022 period and asked ENAP to work on improving the results of the company, a cost containment plan and a strengthening of the investment and development plans.

This press release was published in English using an automated translation system