Enagás buys Osaka Gas's 20% stake in Saggas, nearing full control of the plant
Enagás has agreed to buy Osaka Gas's 20% stake in the Saggas gas terminal in Puerto de Sagunto (coastal district) for €31 million, raising its share to 92.5%.
With this deal, the Spanish gas grid operator absorbs the 20% stake that Japan's Osaka Gas held until now and takes over almost the entire capital of Saggas, the liquefied natural gas (LNG) plant next to the Sagunto port. Only 7.5% will remain with OQ, the Spanish arm of Oman's state investment fund. The sale still needs regulators' approval, so the deal is not expected to close until the end of the year.
Saggas began commercial operation on 1 April 2006 and has now completed two decades of activity: its four tanks hold up to 600,000 cubic metres of liquefied gas, and 1,046 LNG tankers have docked there, unloading more than 50.2 million tonnes in total.
Arturo Gonzalo, who heads Enagás, frames the purchase as part of the company's ongoing asset rotation strategy: weeks earlier it closed a deal for 31.5% of French firm Teréga and sold 40% of its renewable-energy subsidiary. For Sagunto, the ownership change confirms Saggas as a key pillar of gas supply for southern Europe. According to Valencia Plaza, with additional data from Saggas.