The decision does not signify Enap’s exit from Argentina, as the company will focus on strengthening commercial ties by purchasing crude oil from the Vaca Muerta field in Neuquén Province.
Enap announced the sale of its assets in Argentina to a company controlled by Xtellus Partners, a New York-based financial group specializing in asset management.
The transaction was initially valued at US$41,429,253 and is subject to compliance with formalities, adjustments and contractual conditions, as well as the necessary approvals from authorities in both Argentina and Chile.
Enap’s CEO, Julio Friedmann, emphasized the importance of this move for the company’s financial sustainability. “This decision, which involved analyzing various financial factors, aims to fulfill our commitment to the company’s long-term sustainability within the framework of our 2023–2027 business strategy. The strategy seeks to optimize our portfolio and focus resources on the businesses we consider critical for the coming years,” said Friedmann.
Enap will continue to maintain significant commercial relations with Argentina through its participation in the Trans-Andean Pipeline (OTA-OTC) and the purchase of crude oil from the Vaca Muerta field in Neuquén Province for its refineries in Chile.
“The decision to sell part of our assets does not imply Enap’s exit from Argentina, as we will focus our efforts on strengthening commercial exchanges, particularly through the purchase of crude from Vaca Muerta via the Trans-Andean Pipeline (OTA-OTC), which we co-own with YPF and Chevron. In 2024, the pipeline achieved record shipment levels, with Chile being its main commercial partner,” Friedmann explained.