GNLQ owns an LNG terminal in Chile, which has been operating since 2009; located in the Valparaíso Region, the terminal handles reception, unloading, storage and regasification of liquefied natural gas
GNLQ owns an LNG terminal in Valparaíso Region, Chile. (Credit: GNL Quintero)
Enagás Internacional and OMERS Infrastructure have agreed to sell their combined stake of 80% in Chile-based GNL Quintero (GNLQ) to a consortium of EIG and Fluxys.
GNLQ owns a liquefied natural gas (LNG) terminal in Chile, which has been operating since 2009. Located in the Valparaíso Region, the terminal handles reception, unloading, storage and regasification of LNG.
Enagás, through its subsidiary Enagás Chile, has a stake of 45.4% in the LNG terminal operator. The Spanish natural gas company will be paid $661m for its stake.
According to Enagás, the sale is part of the asset rotation process announced by it in its strategic plan.
OMERS Infrastructure holds a stake of 34.6% in GNLQ, which is held by its subsidiary OMERS Infrastructure Chile.
The Canadian investor and asset manager did not disclose the amount it will be paid for the stake.
OMERS Infrastructure plans to redeploy the proceeds from the sale to continue to expand its portfolio in its focus markets. It will also invest the amount across its priority investment themes of energy transition, connectivity, mobility, natural systems, and community.
OMERS Infrastructure Americas senior managing director Gisele Everett said: “We have been an active investor in GNLQ since 2017, and have been privileged to have worked alongside our shareholding partners and GNLQ’s experienced management team.
“During our ownership period, GNLQ has delivered reliable operational performance, ensuring energy security to its direct and end user customers.”
Fluxys said that GNLQ is a major energy infrastructure business supporting the decarbonisation strategy of Chile. The terminal is said to make up 75% of Chilean’s LNG regasification capacity.
Its daily regasification capacity is 15 million m3, while the LNG storage capacity is 334,000m3 and the truck loading capacity is 2,500m3 per day.
Fluxys managing director and CEO Pascal De Buck said: “With 3 LNG terminals in Europe, our ambition to invest outside Europe and to become the transporter of new energy carriers, Quintero is a perfect fit with our strategy for growth in view of the low carbon future.
“We want to deploy and expand our industrial expertise worldwide and are excited to partner with EIG as leading global energy infrastructure investor already intensively involved in energy transition projects in Chile.”
The deal, which is subject to regulatory approvals, is anticipated to close in the second half of 2022.