Excelerate, Repsol-Led Group to Build Second LNG Terminal in Argentina

Excelerate Energy LLC, a Texas-based natural-gas trader, said it will build a liquefied naturalgas terminal in Argentina for a group headed by Spain’s RepsolYPF SA.

The terminal, expected to be completed by may 2011, willdeliver 500 million cubic feet of natural gas per day,Excelerate said today in an e-mailed statement.

The LNG terminal will be the second such port in Argentina.Excelerate built the first one, operated by the same Repsol-ledgroup. State-controlled energy company Enarsa also has a stakein the group.

Argentina has faced energy shortages during SouthernHemisphere winters since 2004 as economic growth spurred demand.Industrial consumers such as Dow Chemical Co. and Siderar SAIChad shortages in August as the country experienced the coldestwinter in 40 years. Argentina doubled shipments of LNG importsto 14 this year to address the shortages.

The new terminal will be located on the Parana River nearthe city of Escobar in the central province of Buenos Aires. A150,900-cubic-meter regasification ship will be docked at theterminal, Excelerate said.

Excelerate is half-owned by U.S. billionaire George Kaiserand the rest by RWE AG, Germany’s second-biggest utility.Repsol’s local unit, YPF SA, is Argentina’s largest energycompany.

To contact the reporter on this story:Rodrigo Orihuela in Buenos Aires at rorihuela@bloomberg.net

Excelerate, Repsol-Led Group to Build Second LNG Terminal in Argentina

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