Spain: Enagas to Buy 90 Percent of Naturgas Energia Transporte

July 22, 2012

Enagás, via its subsidiary Enagás Transporte S.A.U., has signed a deal with EDP to acquire 90% of Naturgas Energía Transporte for the sum of 241 million euro.

The Basque Government will retain 10% of the company, via the Basque regional energy board (EVE).

The deal includes the acquisition of 450 km of high-pressure gas pipelines and the international Irún connection. Furthermore, there are plans to build a new compressor station, which would increase the capacity of the connection heading from France into Spain from the current 0.2 bcm to 2.1 bcm. Also planned is a 54 km gas pipeline between Bilbao and Treto, to improve the Bilbao plant’s links to the rest of the Bay of Biscay coastline.

The acquisition comes as part of the 3rd EU Gas Directive, which states that vertically integrated energy operators must separate transmission operations from the rest of their businesses, boosting the independence and efficiency of both the system and companies.

[mappress]

LNG World News Staff, July 22, 2012