Borealis Infrastructure buys a stake in Quintero LNG (Chile)

Borealis Infrastructure, the infrastructure investment manager of the Canadian public pension fund Omers, has inked a deal with Enagás, the Spanish gas transmission grid operator, to acquire a 34.6% indirect stake in GNL Quintero, an LNG import terminal located near Santiago in Chile, for US$341m.



Before the transaction, the GNL Quintero (GNLQ) terminal was owned by Enagas with 40%, Terminal de Valparaiso (51% Enagas, 49% Oman Oil Company) with 40% and Chilean oil company Enap with 20%. Enagas has just sold 34.6% of GNLQ to Borealis Infrastructure (29.6% directly and 5% through Terminal Bahía de Quintero (51.9% Enagas and 48.1%)), and entered into an option agreement to purchase this 5% indirect stake from Borealis within a year. In addition, Enagas has purchased Oman Oil Company's stake in Terminal de Valparaiso (19.6% indirect stake) and will retain 40% in GNLQ through this company.

The shareholders of the terminal will now be: Omers with a 29.6% direct stake, Enagas with a 40% interest, Enap with 20%, and Terminal Bahia de Quintero (TBQ) with the remaining 10.4%.



GNL Quintero, a 5.5 bcm/year regasification terminal, located in the Bay of Quintero, has been in operation since 2009. It has 3 tanks with an overall storage capacity of 334,000 m³ and docking facilities for methane tankers for up to 265,000 m³ of LNG. The terminal is planned to be expanded with the construction of a third LNG storage tank with 160,000 m³ capacity, that will increase its regasification capacity to 7.3 bcm/year.



The Omers pension fund is a stakeholder in Canada's National Grid, Canada's Enbridge, Scotia Gas Networks in the United Kingdom and in Compañía Logística de Hidrocarburos, the Spanish pipelines network.