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Chile GasAtacama Plans Offshore LNG Regasification Terminal - Report

SANTIAGO -(Dow Jones)- 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

Stock News for Empresa (EOC)
DateTimeHeadline
06/06/201318:08:15Oman Oil to Enter Chile Gas Market in Partnership with Enagas
06/05/201310:53:10Chile Endesa Reaches Agreement With BG Over Gas Supply Contract
02/21/201311:10:04Chile Residential Electricity Bills to Fall 1.8% on Central Grid
01/29/201314:04:06Chile Endesa Blocking BG Stake Sale in LNG Terminal to Enagas...
12/10/201208:29:08Chilean Endesa, Enersis Jump After Capital Increase Agreement
12/05/201210:44:06Chile Residential Electricity Bills to Fall 0.4% on Central Grid
11/30/201218:02:36Chile Enap Reaches Agreement with BG Over Gas Supply Contract
11/12/201216:55:11Chile Enap, Endesa at Loggerheads with BG Over Gas Supply Contract
10/12/201210:08:02Chile Residential Electricity Bills to Fall 1.3% on Central Grid
09/27/201210:49:33Chile Residential Electricity Bills to Fall 1.4% on Central Grid
09/21/201218:28:13Chile's Environmental Permitting for Energy Projects Under Fire
09/13/201215:36:35Correction on Story About Enagas Acquisition
09/13/201215:14:06Enagas Acquires 20% Stake in GNL Quintero From BG for $176 Million
09/12/201217:54:35Chile Power Cos. Worried About Environmental Permitting Framework
08/07/201215:07:13Chile Residential Electricity Bills To Fall 0.3% on Central Grid
08/03/201212:20:06Chile Regulator Details Minority Shareholders' Stake in Enersis
07/27/201211:26:10Chile Enersis Falls 6% on Worries Over $8 Billion Capital Increase
07/24/201220:15:03Chile Endesa 2Q Net Seen Gaining on Higher Hydro Generation
05/11/201213:27:34High Capital Costs Limit Renewable Energy Projects In Chile -IEA
04/25/201215:24:42Chile Endesa 1Q Net Profit Tumbles 32% On Year To CLP66.23 Billion

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