Empresas Copec announces investments for US$1,713 million by 2024 and launches new purpose and corporate image

PRESS RELEASE from Empresas Copec
April 24, 2024

(Machine translation of original release, issued in Spanish)

• Within the framework of the 2024 Ordinary Shareholders' Meeting, Roberto Angelini made an urgent call to reach broad agreements, based on technical criteria, that allow attracting investment and boosting economic activity.
• Moving forward, he expressed the Company's conviction to continue leading the electromobility and energy transition processes in the country.
• And he announced a new corporate purpose, which will define the holding company's future growth strategy.

Santiago, April 24, 2024.- Empresas Copec closed the 2024 Ordinary Shareholders' Meeting, analyzing the financial results and milestones that marked its performance during the last year and, in addition, anticipating its plans for the current year.

Roberto Angelini, president of Empresas Copec, communicated a Base Investment Plan 2024 that considers resources for US$1,713 million, an amount that includes the maintenance of assets, as well as different projects that will allow growth and greater efficiency in the operations of the different subsidiaries. of the group.

“We want to continue along the investment path that has always characterized us, focusing on those areas in which we can generate attractive returns over long horizons. “This is how we promote the financial sustainability of our companies, where, at the same time, we can make an environmental, social and human contribution,” highlighted the manager.

Along these lines, he expressed the Company's conviction to continue leading the transformation processes associated with electromobility and energy transition in the country. “We feel responsible for assuming a leadership role in this task, especially given the prominence that our companies have in this business area,” he said.

Likewise, he revealed that the forestry subsidiary ARAUCO will continue to promote initiatives to respond to the growth in demand associated with wood products, among which stands out the development of the Zitácuaro projects, in Mexico, which will double the production capacity of panels in that country, as well as the gradual investment in plantations and land for the Sucuriú project in Mato Grosso do Sul, Brazil.

Along the same lines, Angelini anticipated that this year looks promising for the company and its subsidiaries: “MAPA is now at full production capacity; we have not had large fires in our area of influence; the price of cellulose and copper have shown an upward trend; and the fishing catches in the south-central zone have continued to be good,” he said.

New purpose and corporate image

At the event, Roberto Angelini announced the Corporate Purpose of Empresas Copec, which was the result of an open and collaborative process in all levels of the Company and will be a guide for the future growth of the organization.

“We declare that our purpose, the ultimate meaning of our existence, is to 'Forge a world for future generations', promoting and developing sustainable investments and a long-term vision that make it possible to provide hope and outline an optimistic horizon for future generations” , highlighted the president of Empresas Copec, a process that was accompanied by a new corporate image.

In this sense, the Company's top executive took the time to critically reflect on the current times. “We have identified a silent enemy that has permeated all aspects of our modern society and that stands as one of the great evils of our time. It's about short-termism. A mentality that always prioritizes immediate benefits over long-term repercussions, and that is one of the main responsible for the political, environmental, social and, why not say it, often also business crises (…) We assume that our contribution , our value creation, must not only be oriented towards our collaborators, investors and communities, but also, and more importantly, towards the people who in the coming decades will receive the world that we are shaping today.

Call to growth and unity

In his speech, Angelini warned about the sustained decline in growth, with a direct impact on job creation, level of remuneration and the necessary tax collection for better public policies aimed at solving social pain.

“The urgent need is to once again generate conditions to give a great boost to activity, starting from creating an attractive environment for investment, which implies reducing uncertainties, and reviewing all the requirements and procedures associated with permits. This means understanding that in the business world, times are relevant and that in a global world, capital seeks the most favorable scenarios,” he stated.

Likewise, he criticized the fragmentation of the political spectrum, the deterioration of trust and the lack of a long-term view in the public debate: “let's stop getting involved in vain discussions, often tinged with ideologies about the State, the private sector, regulations and taxes. We make, then, a call for unity, to multiply, to stop dividing.”

On this point, the president of Empresas Copec elaborated that “it is time for public policies to be designed again with a view to the future, based on technical criteria and broad agreements. That is what allows them to last over time, despite the different views we may have of them and which, by the way, may be valid (...) We want to continue investing, with the same optimism and conviction as always. But the reality is that currently, like many other companies, we have paralyzed projects. Therefore, let it be understood well, this is not catastrophism, but realism. These are not words of one against another, but of all for our beloved Chile.”

The manager also compared how foreign authorities stimulate investment versus local ones. Along these lines, he stated that “it is surprising how the welcome that Mato Grosso do Sul gives us contrasts with what we often experience in our own country, where infinite obstacles are placed on projects, in all areas of activity. There, the authorities support their local industries and, at the same time, promote agreements to facilitate investment from foreigners like us.”

He illustrated this contrast with the case of the development promoted by Inmobiliaria Las Salinas in Viña del Mar. “Totally incomprehensible that more than a decade has passed since the international competition was held to define the Master Plan. The local authorities haven't even received us for years. It is difficult to understand the sense of putting so many obstacles in the way of a project of this type, which has the technical support of leading scientists and universities, both local and international, and which is an undoubted contribution to the Garden City,” he said.