Enap records $34.2 mn loss in Q1 for Covid-19 and fall in oil prices

Chilean State Oil Company (Enap) closed the first quarter of 2020 with a loss of $34.2 million due to the "international collapse in refining margins, a significant decrease in local demand and the sharp drop in oil prices". This is in addition to the effects generated by the Covid-19 crisis. Enap's revenues declined 8% to CH$1,761 million in 2020. This is the result of a 20.2% decrease in the average price of the global Brent ICE marker compared to 2019.

CNC survey: companies are working under 30% of their capacity

A survey by the National Chamber of Commerce (CNC) of 508 companies in the sector revealed that firms are working under 30% of their capacity and a third of them are closed. It also said that almost 40% have had to lay off workers. The study also notes that a quarter of the companies surveyed say they are in critical financial state and half say they are in trouble.

IMF approves $24 billion credit line for Chile

The International Monetary Fund (IMF) approved a two-year $24 billion for Chile under the Flexible Credit Line (FCL) as the South American nation battles the growing impact of the coronavirus pandemic. The Flexible Credit Line is a renewable funding mechanism granted to countries with strong economic policy track records, and Chile is only the fifth country to receive one. Peru, Mexico and Colombia also currently have FCLs in place.

Solar project of 227.5 MWp planned in Chile with investment of $170 mn

Chilean environmental evaluation service SEA has received an environmental impact declaration for a solar photovoltaic (PV) park with a planned capacity of 227.46 MWp, which is to be implemented in the Chilean region of Antofagasta. The plan is to invest $170 million (EUR 153m) to install the Planta Fotovoltaica Tocopilla in the community of Maria Elena, Tocopilla province.