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Enap reaches agreement with BG over gas supply contract

BY GRACIELA IBANEZ

SANTIAGO -- Enap, and BG Group, after several months at loggerheads, reached an agreement over prices and volumes of a LNG contract.

BG sought to renegotiate the conditions on long term contracts signed in 2007 with Enap, power generator Endesa and Metrogas, to supply them with LNG. BG will supply "bigger volumes of LNG at competitive prices," Enap said in a statement without providing price details.The new contracts will start in 2013 and will last in 2030. BG already negotiated its contract with Metrogas, which supplies gas to some 450,000 residential and industrial clients in Santiago, but hasn' t reached a deal yet with Endesa. BG, Enap, Endesa and Metrogas are all partners in the GNL Quintero LNG regasification terminal in central Chile.

BG, however, is in the process of divesting its Chilean assets, as the company recently sold a 20% stake in the regasification terminal to Enagas. It plans to sell its remaining 20% stake in the terminal to Enagas by the end of the year.

Dow Jones Newswires

12/03/2012

 

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