Enagas buys gas pipeline network in northwestern Spain for $57 million
(Reuters) - Spanish grid operator Enagas has bought a 130km gas pipeline network from energy firm Reganosa while selling the latter a 25% stake in its El Musel regasification plant in northern Spain, the companies said on Tuesday.
The acquisition of the pipeline network, which Enagas described as "key to ensuring security of supply and the proper functioning of the Iberian gas market", cost 54 million euros ($57.33 million), the companies said in a joint statement.
Since Russia's invasion of Ukraine a year ago, many European countries, including Spain, have been trying to wean themselves off Russian gas amid concerns over supply shortages.
The distribution network provides natural gas directly to several infrastructures in the country's northwestern region of Galicia, where Reganosa is based.
Meanwhile, Reganosa secured a 25% stake in Enagas' El Musel regasification plant for 95 million euros.
Located in the northern city of Gijon, the plant has a storage capacity of 300,000 cubic metres of liquefied natural gas (LNG) and is set to deliver up to 8 billion cubic metres of LNG per year once it begins operations.
In Spain, Enagas has four LNG terminals in the cities of Barcelona, Cartagena, Huelva and Gijon, while it also owns stakes in two others in Bilbao and Sagunto, according to its website.
($1 = 0.9420 euros)
(Reporting by Jakub Olesiuk; editing by David Latona and Tomasz Janowski)