ENAP in $300 Million Offering of 6.25% Notes due 2019

July 7, 2009

Cleary Gottlieb represented Empresas Nacional del Petróleo (ENAP), the Chilean state-owned oil company, in its $300 million offering of 6.25% notes due 2019. The offering launched and priced on June 30 and closed on July 7. The notes are listed on the Luxembourg Stock Exchange and have been admitted to trading on the Euro MTF market of the LSE.

BNP Paribas, HSBC, and Santander acted as Joint Lead Managers and Bookrunners.

ENAP is engaged in a broad range of petroleum-related activities. Its principal source of revenue is the sale of refined products in Chile. ENAP is the second largest Chilean state-owned company. ENAP intends to use the proceeds of the offering to refinance existing indebtedness.