Enagás has announced that it has increased its stake in the liquified natural gas 'GNL Quintero' terminal in Chile with the acquisition of the second tranche of 20% owned by the BG Group.

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.

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 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.

Source: Enagas