SANTIAGO – Spain-based multinational Gas Natural Fenosa announced on Tuesday a plan to spend $1.1 billion over the next 10 years to expand its customer base in Chile by an additional 800,000 households.
The company’s chairman, Salvador Gabarro, and CEO, Rafael Villaseca, introduced the plan at a press conference in Santiago along with the top executives of Gas Natural’s Chilean subsidiary, Metrogas.
“It is a very ambitious plan, but we are hopeful. It is very hard but we have the technology, the money and the interest,” Gabarro said.
The first stage will see a $700 million investment over five years to expand the distribution of gas in seven regions and increase the use of natural gas in regions where Metrogas already operates.
In this initial phase the company expects to add roughly 500,000 households to the 700,000 it currently serves.
To illustrate the scope for growth, Metrogas President Antonio Gallart noted that Chile’s usage of natural gas is between two and six times lower than in other Latin American countries.