Spanish gas transmission system operator Enagás is set to lift its stake in the Saggas LNG terminal to 92.5% after agreeing to buy Osaka Gas’s 20% holding for €31m ($35.4m), according to Enagás.
The agreement was reached on 21 July and is expected to close before the end of 2026, subject to regulatory approvals and customary conditions.
Oman Oil Holdings Spain, part of OQ, will retain the remaining 7.5%. Saggas operates the regulated LNG receiving, unloading, storage and regasification terminal at the Port of Sagunto in Valencia. Its four tanks have combined capacity of 600,000 cubic metres of LNG, while regasification capacity stands at 1m normal cubic metres per hour.
The facility accounts for about 18% of Spain’s LNG storage capacity and 15% of its regasification capacity. Enagás plans to consolidate Saggas fully in its financial statements after completion.
The acquisition forms part of its strategic plan and asset-rotation policy, with the company also identifying potential links between the terminal and future sustainable CO₂ logistics infrastructure.
The transaction accompanied Enagás’s first-half results. Recurring net profit for the six months to 30 June reached €118.6m ($135.4m), while its full-year 2026 target remained €235m ($268.3m).
Reported net profit, including asset-rotation effects, was €126.9m ($144.9m).
Enagás is an EU-certified independent transmission system operator and the technical manager of Spain’s gas system. Its infrastructure portfolio includes more than 12,000 km of gas pipelines, three underground storage facilities and interests in eight LNG terminals.
Osaka Gas is a Japanese energy company within Daigas Group, with operations spanning natural gas, LNG infrastructure, electricity and energy services.