Basque government retains 10% stake in new Enagás

Enagás announced today it completed the acquisition of 90% of Naturgas Energía Transporte from EDP. Enagás, via its subsidiary Enagás Transporte S.A.U, has signed the acquisition of 90% of Naturgas Energía Transporte, as planned in July, for the sum of €245 million following certain modifications agreed during negotiations.  The company will be called Enagás Transporte del Norte.

The Basque Government will retain 10% of the company through 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 under construction is the 54 km gas pipeline between Bilbao and Treto which will improve the Bilbao plant’s links to the rest of the Bay of Biscay coastline.

According to ACF in Madrid, Enagás could participate in GDF Suez’s 12% stake sale of Medgaz. “The operation would help Enagás to internationalise its activity. The price, up to €78 million, would be at an easy reach with the company’s own capital,” analysts said.

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