September 14, 2011 / 9:39 AM / 8 years ago

Enagas, Vopak pay $408 mln for Mexican LNG terminal

LONDON, Sept 14 (Reuters) - MADRID, Sept 14 (Reuters) - Spanish gas transporter Enagas and its Dutch partner Vopak have paid $408 million for the Altamira liquefied natural gas (LNG) terminal in Mexico, Enagas said in a statement on Wednesday.

The joint venture, in which Vopak holds 60 percent and Enagas the remaining 40 percent, has secured a $300 million project finance loan to fund the bulk of the project, Enagas’s first venture outside its home country of Spain.

When Enagas announced the venture in June it said it would invest $48 million in the purchase of the terminal from Royal Dutch Shell , Total and Mitsui and finance the rest with debt.

Altamira can regasify LNG at the rate of 7.4 billion cubic metres per year and has storage capacity for 300,000 cubic metres of LNG.

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