Vopak, Enagas to acquire LNG terminal in Altamira, Mexico

02 June 2011 08:26  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch logistics firm Vopak and Spanish firm Enagas are fully acquiring a liquefied natural gas (LNG) import and re-gasification terminal in Altamira, Mexico, for an undisclosed price, Vopak said in a statement on Thursday.

The two companies have reached an agreement with current owners such as Dutch oil major Shell, French refiner Total and Japanese firm Mitsui & Co, according to the statement.

Shell owns 50% of the Mexican terminal while the balance is equally held by Total and Mitsui, it said.

Vopak and Enagas formed a 60:40 joint venture firm for the acquisition and the new entity will take over operational control of the terminal late this year, it said.

“The closing of the transaction is subject to the conclusion of project financing and government approvals,” Vopak said.

The terminal in Altamira, Mexico, consists of two operational tanks of 150,000 cubic metres (cbm) each and a jetty that can receive LNG vessels with a capacity of up to 216,000 cbm. It has been operational since 2006, Vopak said.

The facility has a throughput capacity of 7.4bn cubic meters per annum (cma) and can be expanded to 10bn cma by building and expanding a third tank, it added.

“The terminal has excellent connections to the existing Mexican gas infrastructure securing the supply of gas to power plants in the vicinity, as well as to Mexico City,” Vopak said.

“The Mexican gas usage is expected to grow in the coming decades mainly due to new gas fired power plants coming on stream which will lead to increasing imbalances between local demand and supply. The terminal will be able to facilitate the expected additional LNG imports resulting from this imbalance by expanding its capacity,” it added.

By: Monica Lesmana

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