Enagás grabs Basque gas plant stake

The Spanish grid operator has bought BP’s 25% stake in the Bahía de Bizkaia regasification plant at Ziérbena in Spain’s Biscay province. The company has agreed to pay BP €65 million for the interest.

Enagás, the owner of Spain’s gas transmission grid, has acquired a 25 percent stake in a regasification plant in the Basque Country in northern Spain from oil and energy giant BP.

The company has agreed to pay BP €65 million, inclusive of debt,  for the quarter shareholding in the Bahía de Bizkaia plant located at Ziérbena in Spain’s Biscay province.

Enagás is paying
€65m for the stake

Enagás said its shareholders had unanimously agreed to the transaction. The deal was brokered by the Basque regional government’s department of industry, innovation, trade and tourism and the Basque regional energy board EVE.

The regasification plant, which has been operational since 2003, has a liquid natural gas storage capacity of 300,000 m3 and an emission capacity of 800,000 Nm3 per hour. The company said in a statement that it made the investment in line with its strategy of acquiring natural gas interests which meet its profitability targets.

Enagás is the sole transporter for Spain’s primary gas transport trunk network. It owns three of Spain’s six regasification terminals, and has a fourth under construction.