SANTIAGO, Chile, May 15 (UPI) -- French energy company GDF Suez said it inaugurated a gas storage facility for liquefied natural gas in Chile meant as a fast-track solution for energy security.
An onshore facility designed to store as much as 6.6 million cubic feet of gas represents a $200 million investment for the French energy company.
"The new on-shore LNG storage tank in Mejillones strengthens Chile's access to diversified energy and helps to meet the country's growing demand for energy," Gerard Mestrallet, the company's chairman and chief executive officer, said in a statement.
The entire Mejillones terminal, located along Chile's northern coast, went into service in 2010 using an offshore vessel as a temporary storage facility. The French company said the new onshore storage facility helps meet the energy needs of northern Chileans, as well as a copper mine operated by Codelco, the state-owned mining company.
GDF Suez has a major stake in the Chilean energy market through its partnerships with state entities like Codelco. Its electricity subsidiary represents about 50 percent of the market.