Enagás Finalizes Naturgas Deal

Enagás of Spain has completed the acquisition of 90% of Naturgas Energía Transporte for €245 million, following modifications during the negotiations.

The deal was done via subsidiary company Enagás Transporte S.A.U. The emerging company will be called Enagás Transporte del Norte.

The €245m price tag is slightly above the amount named when the negotiations started last summer.

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 connection at Irún.

Plans are on board 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, about half way between the Basque capital and Santander.