Enagas, the Spanish gas transmission network operator, has announced that it had reached agreements with subsidiaries of Spanish gas group Gas Natural Fenosa to acquire stakes in two LNG regasification terminals in Spain and in Chile.
Gas Natural Fenosa's subsidiary Unión Fenosa Gas (50% Gas Natural Fenosa, 50% Eni) has agreed to sell Enagas its entire shareholding (42.5%) in the 8.8 bcm/year Sagunto LNG terminal in Spain for €106m. Saggas, the operator of the terminal, is 50-50 owned by Infraestructuras de Gas (85% Union Fenosa Gas, 15% Oman Oil) and by Iniciativas de Gas (60% Enagas and 40% Osaka Gas). Under this deal, which is subject to the approval of the regulatory authorities and other conditions applicable to such transactions, Enagas will increase its total shareholding in the plant to 72.5%.
In addition, Metrogas (majority-owned by Gas Natural Fenosa) has decided to sell Enagas its 20% stake in the 5.5 bcm/year Quintero LNG terminal in chile for US$200m, following the acquisition of another 20% stake in GNL Quintero from Endesa Chile (Enel) in June 2016. After completion of these two deals of Enagás in GNL Quintero, which are subject to the possible exercise of pre-emptive rights by other shareholders, Enagas would have a total shareholding in the plant of 60.4%.