Chilean corporate labor and energy developments

Chilean institutions have undergone significant internal restructuring and strategic expansion. In late September 2026, Banco de Chile reached a labor agreement with unions representing over 6,200 employees, establishing salary pacts and bonuses through 2029. Simultaneously, the state-owned energy company ENAP implemented a restructuring initiative titled the ‘Operational Excellence’ project to optimize maintenance and resolve organizational overlaps, involving bonus distributions to approximately 653 workers.

Following these internal developments, ENAP moved toward international expansion in October 2026. Through its subsidiary ENAP Sipetrol S.A., the company signed an agreement to acquire 100% of Pluspetrol Ecuador B.V. for a base price of US$207 million. This acquisition focuses on Block 10 in the Pastaza province of the Ecuadorian Amazon and represents one of the largest international investments in ENAP’s history.

The transaction aims to strengthen ENAP’s international exploration and production portfolio while integrating these assets with its refining operations in Chile, where Ecuadorian crude already accounts for more than 20% of the raw material processed. Upon completion and subject to regulatory approvals, ENAP expects its daily production in Ecuador to increase by 26%, rising from approximately 27,000 to 34,000 barrels, while proven oil reserves are projected to grow by 34%, from 50 million to 67 million barrels. This strategic move is intended to secure crude oil compatible with Chilean refineries and bolster national energy security.