Chile's state-owned oil company, ENAP, on 9 December 2016 announced a deal to purchase Petropower, an electricity generation company owned by U.S. company AMEC-Foster Wheeler. Petropower's main asset is an electricity and steam-generation plant in Chile's Biobío region. ENAP previously held a 15 percent stake in the Petropower, and will now own 100 percent (Emol). ENAP's General Manager, Marcelo Tokman, explained the purchase will allow ENAP to ensure the survival of the Biobío refinery and supply excess electricity to the country's central power grid. The amount paid by ENAP for the purchase of Petropower has not yet been confirmed (La Vanguardia).