Enagás takes control of LNG terminal in Chile

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Wednesday, September 4, 2013

Spanish natural gas firm Enagás finalized the acquisition of the second 20% tranche of BG's (LSE: BG) stake in Chilean LNG storage and regasification terminal GNL Quintero for US$176mn.

Enagás' Chilean special purpose company Terminal de Valparaíso now holds a 40% stake in the 10Mm3/d terminal in central region V's Quintero bay, according to an Enagás press release.

The second stage of the previously announced transaction was finalized after state-owned Oman Oil Company (OOC) acquired a 49% stake in Terminal de Valparaíso.

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The other terminal partners are Chile's state oil company Enap, generator Endesa Chile and Chilean natural gas distributor Metrogas, each with a 20% interest.

The US$352mn deal was expected to be closed by the end of 2012, however, Endesa Chile stalled the second stage of the transaction allegedly in an effort to negotiate a better LNG contract with BG, which supplies the LNG terminal.

Brought online in 2009 after Argentina slashed gas exports, Chile's first LNG import terminal GNL Quintero has a 330,000m3 storage capacity and 1,250m3 LNG truck loading station.

The project to expand GNL Quintero is expected to be completed by mid-2014, Endesa Chile's CFO Fernando Gardeweg said on the 2Q13 conference call.