Enagas to expand stake in Chile LNG: UpdateOREANDA-NEWS. June 09, 2016. Spanish utility Enagas has reached an agreement to acquire Italian Enel-controlled Endesa Chile's 20pc stake in the Quintero LNG terminal for \\$200mn.

The acquisition would expand Enagas ownership to 40.4pc, making it the single largest shareholder.

Enagas and partner Oman Oil currently hold a 40pc stake in Quintero through Terminal de Valparaiso, in which Enagas holds a 51pc stake and Oman Oil 49pc.

The deal hinges on approval by Quintero?s other shareholders, Chile?s state-owned oil company Enap and Spanish GNF-controlled gas distributor Metrogas, which each hold 20pc. They have first rights to acquire Endesa Chile?s share.

Endesa Chile said the transaction with Enagas is expected to close in the second half of 2016. The company said the asset is not strategic for its electricity business nor for its natural gas sales.

Endesa Chile, Enap and Metrogas are the current offtakers at the 15mn m?/d regasification terminal, which is located on the central coast.

Under a proposed second expansion to 20mn m?/d to be completed in late 2020 or early 2021, Chilean generator Colbun and AES Gener, controlled by US utility AES, would take most of the additional capacity. The expansion project would include the installation of a third 160,000m? storage tank.

Quintero received 40 LNG cargoes in 2015.

The terminal started operations in 2009 with 10mn m?/d of capacity, and was expanded early last year to 15mn m?/d.