BG Unloads Chilean LNG Terminal

BG Group has agreed to sell its 40% stake in the GNL Quintero liquid natural gas (LNG) terminal to Spain’s Enagas for as much as $352m, the companies say. With the move BG completes an exit it has been contemplating since last year, and Endesa, controller of Enagas, boosts its position in Quintero to 60% and gains more access to LNG supply. Under a two-stage deal, BG plans to sell its equity in the regasification terminal in two 20%, or $176m, tranches, the second subject to partner and lender consents. The deal is expected to be completed by the end of the year. Santander advised BG. The other partners in the terminal are Enap and Metrogas, with 20% each. BG has long-term plans to sell $5bn of assets in the next two years to maintain investment and production growth in order to meet stronger demand for LNG.