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Chile's Biobiogenera to import US LNG at landed price of $11-$12/MMBtu

Highlights

Chile's Biobiogenera will import US LNG to supply its Central El Campesino power plant at a landed price of $11-12/MMBtu, according to statements released Wednesday by the company.

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"It's a very competitive price in comparison with trucked gas or sporadic pipeline imports that come from Argentina," Executive Director Juan Jose Gana told Chile's Diario Financiero newspaper.

Central El Campesino will begin imports of US gas in 2019 under a 20-year supply and purchase agreement with Cheniere Marketing for a volume of 600,000 mt/year from the Corpus Christi Liquefaction Project along the US Gulf Coast.

The contracted gas will feed Central El Campesino's 640-MW gas-fired combined-cycle power plant and supply a contracted 4,000 GWh of electricity annually to local distribution companies, leaving an additional 800 GWh surplus.


"We're looking at alternatives for this electricity. It's possible that some of it will go to third-party contractors and the rest to the spot market," Gana said.

The contracted LNG for the project will be imported at the proposed Peno Lirquen LNG Terminal, where a Hoegh LNG-supplied floating storage and regasification unit will be moored in Concepcion Bay in south-central Chile.

The LNG import terminal will be Chile's third. With a proposed regasification capacity of 1.38 million mt/yr of LNG, the terminal will have the capacity to accommodate an additional 780,000 mt of LNG imports annually.

Central El Campesino is conducting an open season through October for third parties interested in contracting offtake capacity.

"We currently have 12 parties interested in this process," Gana said. "We plan to conclude negotiations in October."

Central El Campesino is offering interested offtakers 600,000 cu m/d of regasification capacity over five-year periods.

Before FID is reached, the Central El Campesino power plant and the Peno Lirquen LNG Terminal must win regulatory and environmental approvals in addition to obtaining financing.

--J. Robinson, jonathan.robinson@platts.com
--Edited by Jason Lindquist, jason.lindquist@platts.com