BG to sell 40% stake in Chile LNG plant to Enagas

UK-based BG Group on Friday agreed to sell its 40% equity interest in the GNL Quintero (GNLQ) liquefied natural gas (LNG) terminal to Spain-based Enagas.

The deal, worth up to $352 million, is expected to close by the end of 2012.

The agreements reached apply to BG Group's shareholding in GNLQ - the owner and operator of the 2.5 million tpy regasification terminal in Quintero, Chile.

The deal does not impact BG’s 21-year contract to supply up to 1.7 million tpy of LNG to the Chilean market out to 2030, the company said.

"The agreement reached today is another important milestone in the successful execution of BG Group's funding diversification and portfolio rationalization programme,” said BG Group CEO Sir Frank Chapman.

"BG Group was instrumental in delivering the GNLQ facility - the first onshore regasification terminal to operate in the southern hemisphere - and we will continue to be a key supplier of LNG into this important, counter-seasonal energy market,” he added.

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