Spanish natural gas transportation, regasification and storage company Enagas has reported a net profit of E258.9 million for 2008, an 8.6% increase compared to the net profit for 2007.

According to the company, in 2008, it had invested E777 million, a 52.8% increase compared to E508.6 million invested in 2007.

These investments in infrastructure were reportedly needed to assure the security of the Spanish gas system, exceeding the target Enagas put forward in its E750 million strategic plan in 2008.

Enagas has commissioned assets worth E591.2 million, as of December 31, 2008, compared to E94.2 million in 2007.

Earlier in October 2008, the gas company said that the implemented major projects during the year are: the transverse axis Alcazar de San Juan-Montesa, the Southwest Semianillo split Madrid and Barcelona-Arboç andalusia branch and the Campo de Gibraltar.  Furthermore, the regasification plant in Cartagena has expanded the broadcast capacity from 1,200,000 m3 (n) / h to 1,350,000 m3 (n) / h and has been in operation since the fourth LNG storage tank. 

Enagas is a company engaged in transport, storage and regasification of natural gas in Spain and is the Technical Manager of the Gas System.   The Company also operates two underground storage of natural gas, and Gaviota Serrablo and has granted administrative operating storage Yela in Guadalajara, claims the company.