Spanish gas grid operator Enagas said on Thursday it had bought BP PLC's 25-percent stake in a regasification terminal in northern town Bilbao for 65 million euros ($92.85 million), including debt.
The price paid for the Bahia de Biskaia Gas (BBG) terminal, which converts liquefied natural gas (LNG) back into gas after shipping, valued BBG at six times its estimated 2009 core earnings, Enagas said.
Electricity utility Iberdrola , based in the northern Basque country, sold its 25 percent stake in the terminal to Deutsche Bank infrastructure fund Rreff.
Enagas owns three of Spain's six working regasification plants, and recently won approval to build a fourth.
The Bilbao plant can store 300,000 cubic metres of LNG and pump 800,000 cubic metres an hour.
Bahia de Bizcaya Gas's other shareholders are oil major Repsol YPF (REP.MC) and the Basque regional government's energy company EVE.
The price paid for the Bahia de Biskaia Gas (BBG) terminal, which converts liquefied natural gas (LNG) back into gas after shipping, valued BBG at six times its estimated 2009 core earnings, Enagas said.
Electricity utility Iberdrola , based in the northern Basque country, sold its 25 percent stake in the terminal to Deutsche Bank infrastructure fund Rreff.
Enagas owns three of Spain's six working regasification plants, and recently won approval to build a fourth.
The Bilbao plant can store 300,000 cubic metres of LNG and pump 800,000 cubic metres an hour.
Bahia de Bizcaya Gas's other shareholders are oil major Repsol YPF (REP.MC) and the Basque regional government's energy company EVE.