Enagas Ups Quintero LNG Stake, Chile

Enagás of Spain has increased its stake in GNL Quintero terminal in Chile with the acquisition of the second tranche of 20% owned by the BG Group.

To carry out this transaction, Enagás enabled Oman Oil Company to become a partner, with 49% of Terminal de Valparaíso, where Enagás will continue to be the majority shareholder. Enagás becomes the primary shareholder in the terminal.

The deal falls under the agreement signed by Enagás to acquire, in two tranches, BG Group’s 40% shareholding in GNL Quintero in April 2012. Enagás incorporated the company Terminal de Valparaíso for the acquisition of the first tranche, of 20%, which was completed in September 2012.

The acquisition of the remaining 20% by Terminal de Valparaíso required an investment of $176 million.

Subsequent to this deal, GNL Quintero’s shareholders are as follows: Terminal de Valparaíso (40%), ENAP (20%), Endesa Chile (20%) and Metrogas (20%).

The regasification plant is in Quintero Bay in Chile. In operation since 2009, it commands a total storage capacity of approximately 330,000 m3 , a total regasification capacity of approximately 10 million m3/day, and a delivery capacity of 1,250 m3 of LNG at the truck loading station.

Approval was recently given to increase regasification capacity to 15 million m3/day and the truck loading station to 2,500 m3 of LNG.

[mappress]

LNG World News Staff, September 5, 2013; Image: GNL Quintero