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Enagas buying stake in Chile LNG terminal

Enagas, Spain’s gas-network operator, has agreed to acquire BG Group’s 40% interest in GNL Quintero SA, operator of an LNG terminal in Chile, for as much as $352 million.

The stock-purchase agreement will include two tranches of $176 million each, the second of which will involve a buying partner. At conclusion of the acquisition, Enagas will own 51% of the acquired stake and the partner, 49%.

The terminal, in Quintero Bay, has total storage capacity of 330,000 cu m and regasification capacity of 3.4 billion cu m/year.

Other partners, all based in Chile with 20% interests each, are ENAP, Endesa Chile, and Metrogas.

Enagas facilities in Spain include nearly 10,000 km of high-pressure gas pipeline, two underground gas storage facilities, and three regasification plants at Barcelona, Cartagena, and Huelva.

The company also owns 40% of a regas plant in Bilbao and 40% of the Altamira terminal in Mexico.

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