Agreement between Eurogas, ACS and Enagás for the Castor underground natural gas storage Project

21 December 2007

Today, Eurogas Corporation (Eurogas), the ACS Group and Enagás have entered into an agreement that will significantly advance the Castor Project for underground natural gas storage, located in the Castellón province.

By means of that agreement, ACS will increase its ownership in Escal UGS S.L. (the Spanish company developing the project) from 5% to 66.67%. Castor Limited Partnership (CLP), of which Eurogas is a 73.7% owner, will own 33.33% in Escal UGS. 

When the Castor underground gas storage starts its operations, ACS will sell to Enagás half of its 66.67% ownership, at which point CLP, ACS and Enagás will each own 33.33% in Escal UGS.

ACS, who until now was the turnkey contractor for the project, shall now be responsible for the development and for the funding of the project until the inclusion of Castor UG in the gas System. Total investment is now estimated at over 1,200 million euros.

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