Enagás Takes 90 Per Cent Stake in Naturgas Energía Transporte

Spanish gas grid operator Enagás is set to acquire a 90 per cent stake in gas transport company Naturgas Energía Transporte following an agreement with Portuguese firm EDP.

The agreement is made for €241 million and will give Enagás a majority 90 per cent stake in Naturgas Energia Transporte. The Basque government will retain the other 10 per cent stake through the Basque regional energy board (EVE).

Enagás said the deal was made to comply with the 3rd EU Gas Directive, which aims to improve competition and prevent monopolies in the market.

Enagás will gain access to 450 kilometres of high-pressure gas pipelines through the deal as well as the international Irún connection. The company says it may increase its current capacity further following the deal, with a new compressor station planned to up the capacity of a connection from France to Spain. The building of this compressor station will increase the capacity of this connection from 0.2 billion cubic metres (bcm) to 2.1 bcm.

The company also said in a statement that it was planning a 54 kilometre gas pipeline from Bilbao to Treto, following the deal. 

The acquisition has yet to be completed as it must first be approved by the relevant authorities.