Gas Natural Fenosa sells its stake in Quintero LNG Plant (Chile) to Enagás for 200 million dollars (177 million euros)

  • The multinational power company owns a stake indirectly through various subsidiaries of CGE, a company forming part of the GAS NATURAL FENOSA in Chile.
  • The transaction would enable GAS NATURAL FENOSA to obtain net capital gains tax amounting to approximately 32 million euros.

The company Aprovisionadora Global de Energía, S.A. (AGESA), a company split from Metrogas, S.A. (in which GAS NATURAL FENOSA maintains a controlling stake of 60.2%), signed an agreement yesterday with Enagás Chile S.p.A. for the sale of the 20% it owns in GNL Quintero S.A. for the amount of 200 million dollars (177 million euros).

The agreed transaction, which is subject to the possible exercise of preferred acquisition rights by the other shareholders according to the corresponding shareholder agreement, should be closed before the end of the year.

This agreement would enable GAS NATURAL FENOSA to obtain net capital gains tax amounting to approximately 32 million euros under its current shareholding of 36.9% in AGESA.

GAS NATURAL FENOSA is approaching the sale of 20% in GNL Quintero S.A. as part of its capital streamlining strategy by freeing up resources as part of the proactive management of its asset portfolio that will enable maximum value to be obtained for its shareholders.

The sale of this stake does not affect access to end markets because GAS NATURAL FENOSA is keeping the natural gas import contracts and regasification capacity, as well as the possible rights to increase capacity through future plant expansions.

About GNL Quintero

In operation since 2009, GNL Quintero was the first LNG terminal in the southern hemisphere and has been operating at full capacity since 1 January 2011. Its assets include a dock, three storage tanks, three vaporisers and a tanker loading station. GNL Quintero, the company that owns these assets, has signed a long-term contract for use of the terminal and its expansions with GNL Chile, owned by ENAP, Enel and GAS NATURAL FENOSA.