UPDATE: Enagas Acquires 20% Stake in Chile LNG Plant From BG for $176 Million

-BG is expected to complete its planned 40% stake sale in Chile's GNL Quintero by the end of this year

-Enagas could acquire the remaining 20% stake in joint venture with Oman Oil

-GNL Quintero's current shareholders are BG, Enagas, ENAP, Endesa and Chile's Metrogas

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Spanish energy company Enagas SA (ENGGY, ENG.MC) said Thursday that it has acquired from BG Group PLC (BRGYY, BG.LN) a 20% stake in GNL Quintero SA, the operator of a liquefied natural gas terminal in central Chile, for $176 million.

Earlier this year, British natural-gas company BG said it would sell a 40% equity interest in GNL Quintero as part of its noncore assets' divesting plan.

BG is expected to sell to Enagas the remaining 20% stake for another $176 million by the end of this year.

Enagas could buy the remaining stake in a joint venture with one of its shareholders, Oman Oil Company SAOC, an energy company controlled by the government of Oman, according to an unsourced report from El Mercurio newspaper.

Oman Oil, which has held a 5% stake in Enagas since 2009, doesn't have equity interests in Latin America-based companies, according to El Mercurio.

A GNL Quintero spokeperson wasn't immediately available to comment on the newspaper report.

BG plans to use the proceeds from the sale to finance part of its $22 billion capital expenditure plan over the next two years.

On top of Enagas, GNL Quintero's shareholders are Chile's state oil company Empresa Nacional del Petroleo SA, or ENAP; power generator Empresa Nacional de Electricidad SA (EOC, ENDESA.SN); Chile's largest gas distributor Metrogas; and BG.

Each shareholder currently owns a 20% stake, Enagas said in a statement.

Write to Graciela Ibanez at [e-mail]

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