Muscat: Terminal de Valparaíso, a joint venture between Oman Oil Company (OOC) and Spanish natural gas operator Enagás, has purchased BG Group's 40 per cent stake in GNL Quintero SA's regasification plant in Chile.
Commenting on this new investment, Nasser bin Khamis Al Jashmi, undersecretary at the Ministry of Oil and Gas and chairman of Oman Oil Company said, "Our latest investment, the first in Latin America, is part of the company's integrated strategy to diversify its growing investments locally and internationally. GNL Quintero is a reputed company with a strong track record that sets the foundation for OOC to continue expanding its portfolio in various sectors in emerging markets.
"The transaction also demonstrates our ability to leverage relationships with partners and bring value added advantages to the global energy sector."
Located in the Quintero Bay in Chile, the regasification plant began operations in 2009 with a storage capacity of approximately 330,000 cubic metres, a total regasification capacity of approximately 10 million cubic metres/day and a delivery capacity of 1,250 cubic metres of LNG to the truck loading station.
In addition, work is currently underway to increase the regasification capacity to 15 million cubic metres/day and the tank truck loading station capacity to 2,500 cubic metres of LNG. GNL Quintero's shareholders include ENAP (20 per cent), ENDESA Chile (20 per cent), Metrogas (20 per cent), and the Terminal de Valparaíso (Enagás and Oman Oil Company) (40 per cent).
OOC is a company wholly owned by the Sultanate of Oman. The company was established in 1996 to give the government a vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman.
OOC, in a relatively short period of time, has contributed to the development of many important projects in energy and energy-related sectors. OOC plays a key role in the efforts to diversify the Omani economy and help generate Omani and foreign investments.