Spanish grid operator Enagas has made a significant strategic acquisition in the gas pipeline sector in the latest deal with Reganosa.
According to a Reuters report the company has purchased a 130-km gas pipeline network from energy firm Reganosa for €54 million ($57.33 million).
The network is considered "key to ensuring security of supply and the proper functioning of the Iberian gas market," according to a joint statement by the two companies. The pipeline supplies natural gas directly to several infrastructures in the country's northwestern region of Galicia, where Reganosa is based.
Enagas's latest acquisition is hailed as a strategic move, considering the ongoing efforts of European countries, including Spain, to reduce their reliance on Russian gas due to concerns over supply shortages.
In return, Reganosa has secured a 25% stake in Enagas' El Musel regasification plant for €95 million. The plant, located in the northern city of Gijon, 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.
Enagas currently 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.