ENGIE Chile Acquires LNG Firm

Source Press
Company ENGIE 
Tags Corporate Deals, Deals, LNG & Gas Storage/Processing, Refining & Marketing Activities
Date March 07, 2017

(bnamericas.com) Engie Energía Chile acquired a 100% stake in Gas Stream, a firm dedicated to the reception, regasification, storage and transport of LNG.

Gas Stream specializes in the small-scale LNG segment, with nine satellite regasification plants in operation in Chile and others under construction, Engie said Tuesday in a statement.

Engie already holds a majority ownership stake in Chile's Mejillones LNG regasification terminal in the northern region of Antofagasta (II), as well as the Norandino gas pipeline, which connects the national pipeline networks of Chile and Argentina.

Gas Stream expanded its operations in Chile "because we saw a great opportunity in the small-scale LNG segment," said the firm's CEO, Rafael Francolino.

Francolino cited the potential for large-scale industries such as mining to adapt their productive processes and vehicle fleets to natural gas, which burns cleaner than other fossil fuels.

Engie is the largest power generator on Chile's northern SING power grid and is building a 600km high-voltage line that will connect with the central SIC grid.

Enel Generación Chile, formerly Endesa Chile, has also been expanding its small-scale LNG footprint in the country.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd