Osaka Gas participates in LNG terminal business in Spain

abarrelfull wrote on 16 Mar 2013 22:27
Tags:

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

May 11, 2010

Osaka Gas has entered into an agreement with Endesa, a major power company in Spain, for its acquisition of the 20% interest in Sagunto LNG receiving terminal owned by Endesa Generacion, a wholly owned subsidiary of Endesa.

The decision for Osaka Gas’ participation in the Spanish LNG terminal business has been made as part of the company’s efforts in broadening its energy business overseas along the value chain of natural gas.

Sagunto terminal, located in Sagunto Port on the east of the Province of Valencia, has the total LNG regasification capacity of 6.4 million tons per annum. When the current expansion work is completed, its capacity will be increased to 7.6 million tons.

With the annual consumption of 20 million tons of LNG, Spain is the world’s third largest and the Europe’s largest importer of LNG. The regulatory regime in the country guarantees LNG terminal owners’ returns on their business, ensuring companies stable revenues over the long term.

The transaction on the basis of the agreement will be completed upon fulfilment of all the conditions precedent. The acquisition of the interest will be made through Osaka Gas UK, a wholly owned subsidiary of Osaka Gas.

Overview of Sagunto LNG terminal

• Location: in the city of Sagunto in Valencia Province
• LNG regasification capacity: 6.4 million tons/year (7.6 million tons upon completion of expansion work)
• Tank capacity: Total 450,000m3 (3 tanks each with 150,000m3, 4th tank under construction)
• Start of operation: April 2006

• Osaka Gas participates in LNG terminal business in Spain

---