Enagás purchases 41.94% of Gascan

16 September 2011

The company's acquisition of a stake in Gascan will drive the regasification plant projects on Tenerife and Gran Canaria

Enagás has entered into a purchase agreement with Regional Canaria de Energías, S.L., whereby it has acquired a 41.94% holding in Gascan from the Canary Islands industrial shareholders. The acquisition is subject to the pertinent administrative and anti-trust authorisations.

Following this transaction, Gascan's shareholder base will be comprised of Enagás, with 41.94% of the share capital, Endesa, with 47.18%, and Sodecan (a public company belonging to the Canary Government), with 10.88%.

Gascan (Compañía Transportista de Gas Canarias, S.A.) was incorporated for the purpose of building two regasification plants, one on Tenerife and the other on Gran Canaria, which will allow natural gas to be brought to the islands.

The regasification plant on Tenerife, which will be located at Puerto de Granadilla, and the plant on Gran Canaria, which will be built at Puerto de Arinaga, will each have a 150,000 m3 LNG storage tank, an emission capacity of 150,000 Nm3/h and a dock to receive methane tankers with a capacity of up to 145,000 m3.

The Tenerife project, which is currently at a more advanced stage, has already obtained the Environmental Impact Statement.

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