Chile Copec to spend $700 million-$800 million in 2013 Capex -CFO
BUENOS AIRES -- Chilean fuel and forestry conglomerate Empresas Copec plans to spend between $700 million and $800 million in capital expenditures this year, Chief Financial Officer Rodrigo Huidobro said Monday.
Copec, the second heaviest-weighted share on the select IPSA index, reduced its capex plan by more than half when compared with 2012 and 2011.
In the previous two years, Copec acquired several companies, including two in North America, for a total $305 million, that raised its capex investment to around $1.7 billion in 2012 and $1.9 billion in 2011.
Most of Copec's investment plan will go, as in previous years, to its forestry division, as some $500 million are earmarked for Copec's Arauco unit, Mr. Huidobro said in a conference call with analysts and investors to discuss fourth-quarter earnings.
Copec will release the final capex figure during its annual shareholder meeting in April, Mr. Huidobro said.
Dow Jones Newswires