The jointly controlled entity has acquired 100% of the shares in the terminal from Shell (50%), Total (25%) and Mitsui & Co LTD. (25%) for USD 408 million. The completion of the transaction follows the announcement on 2 June 2011 by Vopak and Enagas. The joint venture has taken over operational management of the terminal with immediate effect after having been granted the required government approvals recently.

For Vopak this is the second independent regasification terminal for LNG following the opening of Gate terminal (Netherlands) in September this year, while for Enagas it is the fifth LNG terminal and the first terminal outside Spain. This underlines the worldwide developments in the LNG market, requiring independent third party LNG import and regasification terminals in regions that show a structural (increasing) imbalance between the demand and supply of natural gas.

The LNG terminal in Altamira will continue to facilitate overseas LNG imports and supply of gas into Mexico and has been operational since 2006 under the highest safety and technical standards applicable for the LNG industry. The terminal consists of 2 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. The capacity can be expanded up to 10 bcma by building and operating a third tank.

For this acquisition the joint venture successfully concluded a USD 300 million senior non-recourse financing agreement with a banking syndicate of international relationship banks. The debt facilities will have a maturity of 10 years with an annual repayment profile. The debt facility is based on variable interest rates, but will be substantially hedged to mitigate the potential interest exposure.