Together with the state enterprise Empresa Nacional del Petróleo (ENAP) and international partners, Ferrostaal is securing the fuel supply and bringing more added value into the country.

With the help of our delayed Coker plant, the Aconcagua refinery in Concon now processes a total of 16,500 cubic metres of crude oil daily. This means that it now provides 100 percent of the supply to Valparaiso Province, 67 percent to the Metropolitana region and 40 percent of the supply to the whole country. ENAP anticipates an additional profit of 800 million US dollars from the delayed coker over the coming 20 years.

The contracts between ENAP and Ferrostaal in consortium with the Spanish partner company for the turnkey delivery of the delayed coker were signed and put into effect in July 2005. Less than three years later, the plant was completed on time. The performance test for acceptance was conducted successfully in July this year.

Excellent project financing
The innovative financing model to provide the required investment of 430 million US-dollars has been celebrated as "Latin American Deal of The Year 2005" in the acclaimed Reuters magazine "Project Financing International".

The financing model is complex and precisely tailored to the requirements of ENAP. In order to secure the long-term financing, ENAP, Ferrostaal, Foster Wheeler Iberia and Técnicas Reunidas founded the company Energía Concón (ENERCON) of which ENAP holds 49 percent and the European partners 17 percent each.

This project company therefore has multiple functions: it is simultaneously owner, operator and borrower, and provides the plant to the end purchaser ENAP within the framework of a financial leasing concept.