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Sipetrol

Chile

 

Date: 2001 – Withdrawing

Deal: Sipetrol, the international operations subsidiary of Chile's state-owned oil company Enap, entered a contract with the National Iranian Oil Company (NIOC) in 2001 to explore the Mehr oil block, according to Enap's 2003 annual report. Sipetrol signed the deal with a consortium comprised of Austrian OMV (which holds a 34 percent stake), and Spain's Repsol and Sipetrol (each of which hold 33 percent stakes) (Enap 2003 Annual Report).

In January 2005, according to Business News Americas, Sipetrol announced that it had found oil in the Mehr block (Business News Americas, January 17, 2005). However, by 2007, the U.S. Energy Information Administration reported that the company had chosen to exit Iran's natural gas industry due to a poor investment climate (U.S. Energy Information Administration, October 2007).

In October 2009, Oil Daily reported that Enap's head of structured finance, Alison Saffery, had announced that the company planned to return its stake in the Mehr oil block to the Iranian government, citing too large an investment and U.S. sanctions as factors in the company's decision. Saffery also announced that Enap had tried to sell its stake in 2007, but could not find a buyer (Oil Daily, October 30, 2009).

According to Enap's 2009 annual report, the company is in the process of withdrawing from the Mehr oil block (Enap 2009 Annual Report).

U.S. Business Ties: According to USASpending, neither Sipetrol nor Enap has received any U.S. government contracts (USASpending.gov, accessed August 18, 2014).

Sipetrol appears not to have any business interests in the United States.

Last Updated: August 18, 2014