Bloomberg News

BG Sells Chilean Liquefied Gas Stake to Enagas for $359 Million

April 27, 2012

BG Group Plc (BG/), the U.K.’s third- largest natural-gas producer, agreed to sell its 40 percent stake in the Quintero liquefied gas plant in Chile to Enagas SA (ENG) for 272 million euros ($359 million).

Enagas, the operator of Spain’s gas grid, plans to buy BG’s shareholding in two phases, according to a statement today. The second tranche will be carried out in “conjunction with a partner,” Enagas said, leaving it with 51 percent of BG’s interest in GNL Quintero and the other partner with 49 percent.

BG, based in Reading, U.K., had originally planned to sell only half of its holding and continue to supply LNG to the plant It plans to sell as much as $5 billion in assets around the world as the company invests in oil and gas fields in Brazil, the North Sea and Australia.

It will continue to supply as much as 1.7 million tons a year of LNG to the Chilean market through 2030, according to a separate statement.

Other shareholders in GNL Quintero include state-owned oil refiner Empresa Nacional del Petroleo, Empresa Nacional de Electricidad SA and Metrogas SA. The plant has a 3.4 million ton-a-year capacity regasification capacity.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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