Enagas Acquires 20% Stake in GNL Quintero From BG for $176 Million

Spanish energy company Enagas SA (ENGGY, ENG.MC) 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, Enagas said Thursday.

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.

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 SA (METR.BA), 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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