Spanish Firm Reganosa Unbundles

Spain’s Reganosa said January 24 that it has agreed on a restructuring to unbundle its regulated LNG terminal (pictured above) and adjacent gas network business.

The parent company will change its name to Reganosa Holdco and manage three subsidiaries. The core regulated subsidiary, operating the Ferrol LNG import terminal in Spain’s north-western region of Galicia and nearby gas network, will still be called Reganosa (full name: Regasificadora del Noroeste). However newer business units will be called Reganosa Servicios and Reganosa Asset Investments.

Galicia's regional government and privately-owned Grupo Tojeiro will still jointly own 100% of Reganosa Holdco, and in turn wholly own and control Reganosa Servicios and Reganosa Asset Investments.

Holdco though will have a 75% share in Reganosa, while Japan’s Sojitz Corp and Algerian state producer Sonatrach – both existing shareholders – will hold 15% and 10% Reganosa stakes respectively.

The company did not provide further details to NGW about the reasons of the restructuring. However the separation of the regulated business would be in the spirit of the EU Gas Directive, whilst more growth-oriented overseas activities could potentially attract new investors, and create new jobs in Galicia.

Reganosa Servicios is expected to manage third-party activities on a contractual basis, such as its operation during the past year of Malta's Delimara LNG regasification plant in Malta.

Diagram and banner photo credit: Reganosa