Osaka Gas, a natural gas supplier and energy services company in Japan, has signed an agreement with Spanish power company Endesa to acquire the 20% stake in Sagunto LNG receiving terminal owned by Endesa Generacion, a wholly owned subsidiary of Endesa.
The acquisition of the stake will be made through Osaka Gas UK, a wholly owned subsidiary of Osaka Gas.
The decision for Osaka Gas’ participation in the Spanish LNG terminal business has been made as part of the company’s efforts to expand 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.
The transaction on the basis of the agreement will be completed upon fulfillment of all the conditions precedent.