Business Divisions

RefiningENAP Refinerías

The Company

Enap Refinerías S.A. is a closed stock company, subsidiary of ENAP, created on January 1, 2004, after the merger of Petrox S.A., Refinería de Petróleo with Refinería de Petróleo Concón S.A. (RPC S.A.), and the absorption of the latter by the former. On December 23rd, 2003, the board of directors of both companies also agreed that the new company voluntarily be subject to the legal standards applicable to open stock companies.

For this reason, as from June 25th, 2004, ENAP Refinerías S.A. is registered in the Securities Record of the Superintendencia de Valores y Seguros, with number 833, By reason of such registration, it is obliged to regularly report its financial statements and material events to the market, and to report such information according to the legal standards applicable to open stock companies.

Enap Refinerías S.A. functionally reports to the Refining Line of Business, ENAP’s area in charge of developing the activities related to crude acquisition and refining for the production of fuels and other oil by- products. Also, it manages the logistics infrastructure for their transportation and storage, prior to their sale to distributing companies, both in the domestic and international markets.

On August 16th, 2004, Enap Refinerías S.A. acquired the shares of Shell Perú S.A., merging them with the assets of Romero Trading. Then, the company started participating in Peru’s fuels distribution.

On December 1st, 2004, Enap Refinerías S.A. merged with Empresa Almacenadora de Combustibles S.A. (Emalco S.A), a company in charge of ENAP’s by-products logistics area. With this operation, Emalco S.A. was liquidated, incorporating all of its assets to Enap Refinerías S.A., which include the liquid and gas fuels storage plants located in Maipú, San Fernando and Linares, among others.

As from January 1, 2005, after a by-laws amendment and with the corresponding official authorizations, the Chilean peso currency was replaced by the United States dollar to express the company’s capital, and the company’s accounting records started being expressed in such currency as from that date.