BNP Paribas arranges financing for the construction of a diesel production unit at ENAP's bio refinery In Chile

August 18, 2004--On August 4, 2004, Productora de Diesel S.A. closed on the financing for the construction of a mild hydrocracker unit, an acidic water plant, an amine regeneration plant, and a water demineralization plant in Chile. BNP Paribas arranged the USD 88.8 MM debt facilities, which consisted of a 12-year US$53.5 million bank loan covered by the Compania Espanola de Seguros de Credito a la Exportacion, and an 11-year US$35.3 million bank loan.

Productora de Diesel S.A. is owned by Empresa Nacional del Petroleo (ENAP), ENAP Refinerias S.A., a wholly owned subsidiary of ENAP, DSD - Construcciones y Montajes S.A. (DSD), a subsidiary of Germany's Ferrostaal, and Tecnicas Reunidas Metalurgicas S.A., a subsidiary of Tecnicas Reunidas (TR) a leading Spanish engineering and construction company. The Project, which is being constructed by DSD and TR, will manufacture high quality diesel for the domestic market. The Project will be located at ENAP Refinerias S.A.'s Bio Bio Refinery in Talcahuano, Chile.

ENAP is owned by the Chilean Government. ENAP is one of Chile's largest companies with US$3.89 billion in total revenue and US$425 million in EBITDA for the year 2003. ENAP has a dominant position in Chile's fuel market, providing 86% of the country's needs.

BNP Paribas structured and completed the debt financing transaction in New York and Madrid. BNP Paribas acted as Lead Arranger, Administrative Agent, and Collateral Agent.