Chile’s Empresa Nacional del Petroleo (ENAP) has stated it’s engaged on a decarbonization plan with objectives for 2035 and 2050, because it introduced $3.5 billion in capital for 2024–28.
The five-year funding, which is topic to monetary efficiency, “permits addressing points comparable to integrity and efficiency of refinery and logistics property, operational excellence, course of security, compliance with environmental commitments, and the event of recent companies”, the state-owned oil firm stated in a press launch. The plan was agreed at ENAP’s shareholder assembly.
“As well as, Enap introduced that it’s engaged on a Decarbonization Plan with particular objectives for 2035 and 2050, which it’ll quickly announce”, ENAP stated.
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Earlier this month ENAP stated it had awarded the development contract for a 1,000-kilowatt inexperienced hydrogen manufacturing challenge, a part of its plan to provide “new fuels”. Deliberate to be put into service subsequent yr, the power will use energy from the Vientos Patagónicas wind farm, the place ENAP holds a majority stake. The inexperienced hydrogen produced right here will provide automobile charging stations, in addition to function a feedstock for a fractionation plant in Cabo Negro, in response to Enap.
“With the development of this plant, Enap hopes to generate data and expertise within the manufacturing and use of this power within the Magallanes area as a part of its technique for the event of recent fuels”, ENAP stated in a information launch April 4.
“The German firm Neuman & Esser received the bidding course of for the challenge, which considers electrolysis, storage, charging station, and an in depth coaching plan for firm staff, amongst others”.
ENAP chief government Julio Friedmann stated in an announcement on the time, “ENAP would be the first firm to provide inexperienced hydrogen as a remaining product in Magallanes, and it is a vital step within the goal that we now have set for ourselves to be essentially the most related actor to speed up the power transition in our nation via the continual improvement of higher fuels”.
In the meantime on the assembly of ENAP’s odd shareholders, firm officers highlighted its monetary place. ENAP had already introduced its annual monetary outcomes February 2.
For 2023 it logged $1.4 billion in earnings earlier than earnings tax, depreciation and amortization (EBITDA), ENAP’s highest yearly EBITDA in its historical past. It additionally highlighted “earnings of US$ 565.8 million and a discount of its consolidated debt by US$ 602 million”.
“The 2023 EBITDA is 2.5 % greater than in 2022 and, though earnings for the interval had been barely decrease than the US$575.3 million within the earlier yr, this consequence features a web impairment of US$113.1 million because of the impairment of a number of the subsidiary’s property in Argentina”, ENAP stated within the February announcement. “With out this adjustment, earnings would have exceeded US$680 million”.
It stated it had remitted $400 million to the state within the fourth quarter of 2023, on a request by the Finance Ministry as an advance for 2023 and 2024 earnings.
The 2023 efficiency was “undoubtedly very passable, reflecting not solely a greater worth scenario, but in addition good administration of the corporate that’s a part of a coverage agreed upon with the Ministry of Finance of lowering debt, lowering the monetary burden, bettering administration, and creating sustainable investments, not solely from an environmental perspective but in addition financially”, Chile Finance Minister Mario Marcel was quoted as saying within the post-shareholder assembly assertion by ENAP.
Friedmann stated within the assertion, “Within the final 18 months, we now have diminished ENAP’s debt by greater than US$1 billion”.
“At the moment, we’re centered on bettering our monetary scenario, following the trail of debt discount, and attaining a related manufacturing improve”, the ENAP chief government added. “For this, we now have a accountable funding plan, prioritizing initiatives that permit us to safeguard the corporate’s sustainability, good outcomes, and enterprise for the approaching many years, making certain operational security and lowering environmental impacts”.
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