By Ryan Dube
LIMA, Peru--The ownership of a consortium that operates a
Peruvian gas pipeline shifted hands Friday, as companies announced
three deals put at almost $700 million.
Repsol SA said Friday that it reached an agreement with energy
company Enagás SA to sell its 10% stake in the Transportadora de
Gas del Perú consortium for about $219 million.
Repsol recently sold other assets in Peru as part of a broader
divestment plan. Last year, it sold a minority holding in Perú LNG,
which produces liquefied natural gas.
Enagás said in a separate statement that it also entered into a
deal with U.S.-based Hunt Oil to acquire its stake in the
consortium, known as TgP. Enagás said the two deals are valued at
$491 million, giving it a total ownership of 22.38% of TgP.
The Canada Pension Plan Investment Board, or CPPIB, also
disclosed Friday that it will acquire a 10.4% stake in the
consortium from Peruvian construction firm Graña y Montero SAA for
$200 million.
"This transaction is in line with our strategy to invest in key
sectors in Latin America," said Andres Bourbonnais, the CPPIB's
senior vice president of private investments. Mr. Bourbonnais said
that the TgP will be its first infrastructure investment in
Peru.
Graña y Montero had recently acquired a stake in the consortium.
In November, the company announced a deal to acquire a 12.38% stake
from Pluspetrol Resource Corp.
Transportadora de Gas del Perú operates a pipeline that
transports gas from the Camisea fields in Peru's southeastern
Amazon region to the country's Pacific coast.
About 50% of the feedstock for Peru's electricity generation
depends on the pipeline.
The consortium includes Sonatrach of Algeria, South Korea's SK
Corp., Franco-Belgian GDF Suez-Tractebel SA, and Transportadora de
Gas Internacional SA, which is a unit of Colombia's Grupo Energía
de Bogotá.
Transportadora de Gas Internacional SA is also a newcomer to the
TgP consortium. Earlier in January, the company announced its
acquisition of a 23.61% stake in TgP from Tecpetrol International
SA. Tecpetrol is a unit of Argentina's Techint Group.
Write to Ryan Dube at ryan.dube@dowjones.com
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