Basque government retains 10% stake in new Enagás

Enagas thinking about investing a billion euros in US listed companyEnagas is constantly analysing operations

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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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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