...BUENOS AIRES (S&P Global Ratings) April 9, 2019--S&P Global Ratings said today that we expect government-owned Empresa Nacional del Petroleo (ENAP; ###-/Stable/--), which has a core business of hydrocarbon production and oil refining, to continue developing power generation in areas of Chile where the private sector hasn't yet done so. However, given that the generation segment is a complementary business, ENAP operates more as a promoter of projects than a pure generation company, with certain competitive advantages. ENAP's CEO has made recent comments to several Chilean newspapers that we view as aligned with this strategy. He particularly expressed that ENAP could sell its participation in generation projects that are in the operational phase, such as its 16% stake in the 48 megawatt geothermal plant, Cerro Pabell=n. In our view, if ENAP decides to sell its stake in Cerro Pabell=n, given its minor participation, the sale wouldn't affect the company's business, because its overall generation...
