Vopak, Enagas to acquire LNG terminal in Mexico
Global tank storage firm Vopak has partnered with Spain-based Enagas to acquire 100% of shares in the LNG import and re-gasification terminal in Altamira, Mexico.
The acquisition was made from prior owners Shell (50%), Mitsui & Co. (25%) and Total (25%), the companies said. Financial terms were not disclosed.
The companies formed a joint venture for the deal, in which Vopak owns 60% of shares and Enagas 40% (with joint management control).
The closing of the transaction is subject to the conclusion of project financing and government approvals, officials said.
The LNG terminal facilitates overseas LNG imports and supply of gas into Mexico by a joint venture of Shell and Total, and has been operational since 2006 under high safety and technical standards, the companies said.
The facility consists of two fully operational tanks of 150,000 cubic meters (cbm) each and a jetty capable of receiving LNG vessels with a capacity of up to 216,000 cbm. The terminal has a throughput capacity of 7.4 billion cubic meters per annum (bcma), which is fully contracted for a long-term period, officials said.
The capacity can be expanded up to 10 bcma by building and operating a third tank. The Vopak/Enagas joint venture is expected to take over operational control in the 2011 third quarter, it said.
Located on the east coast of Mexico adjacent to the Vopak chemicals terminal in Altamira, the terminal has excellent connections to existing Mexican gas infrastructure securing the supply of gas to power plants in the vicinity as well as to Mexico City.
Mexico's 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, officials said.
The acquisition was made as Vopak continues to pursue a global growth strategy for LNG, it said.
The aim of the strategy is to facilitate key customers in markets that show an (increasing) imbalance between the demand and supply of natural gas by operating independent third party LNG import and re-gasification terminals.
Currently, Vopak and its partner Gasunie are constructing the first Dutch LNG import terminal in Rotterdam with a throughput capacity of 12 bcma. That terminal will become operational in September 2011.
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