ENAP Sells Assets to Straighten Balance Sheet

Empresa Nacional del Petroleo (ENAP) has agreed to sell its stakes in Primax gas station operations in Ecuador and Peru to Peruvian conglomerate Grupo Romero for $312m, it says. The Chilean state oil company is trying to strengthen its finances by offloading the non-essential positions – about 49% for each – to Romero, the controller of both. The proceeds will be used to reduce ENAP’s financial debt and strengthening its main business. It should boost results by $120m, ENAP says. The transaction should be completed in the fourth quarter, pending regulatory approval in Chile, Ecuador and Peru.