Chile GasAtacama Plans Offshore LNG Regasification Terminal - Report
November 15 2011 - 8:00AM
Dow Jones News
Power generator and natural gas pipeline company GasAtacama SA
plans to build an up to $300 million floating liquefied natural gas
regasification terminal off the northern Chilean coastline to help
supply energy to the nation's copper mining industry, daily
newspaper Diario Financiero reported Tuesday.
Copper miners are making multi-billion dollar investments in
Chile, the world's premier copper producer, and competition to
supply them with energy is fierce. Chile's copper mining industry,
responsible for a third of global supply, is mainly concentrated in
the northern reaches of the Andean nation.
LNG has become an important part of Chile's energy matrix in
recent years with the Mejillones regasification terminal in the
country's north and Quintero regasification plant in the central
region.
GasAtacama, controlled by private-equity fund Southern Cross and
Chilean generator Empresa Nacional de Electricidad SA, or Endesa
(EOC, ENDESA.SN), plans to locate its floating regasification
terminal near the GNL Mejillones regasification terminal, a
joint-venture between Chilean state copper mining company
Corporacion Nacional del Cobre, or Codelco, and France's GDF Suez
SA (GSZ.FR).
Chile developed LNG as an energy source during former President
Michelle Bachelet's term in an effort to diversify its energy mix
and increase security after Argentina started to sharply reduce
natural gas exports to its neighbor in 2004. A 2008 drought also
severely curtailed hydroelectric production in Chile, helping to
drive the development of LNG.
Chilean power generator Colbun SA (COLBUN.SN) recently said it
is also studying developing an LNG regasification plant.
Central Chile's Quintero plant is controlled by London-based BG
Group PLC (BG.LN) and state oil and gas company Empresa Nacional
del Petroleo, or Enap, and supplies energy to the nation's largest
power grid, the central SIC grid.
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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