Spanish gas grid operator Enagas has agreed to buy Osaka Gas' 20 per cent stake in eastern Spain's Saggas regasification plant, it said on Wednesday, while reporting first-half earnings it said kept it on track to meet 2026 forecasts.
The company said it would pay €31 million ($35 million) for the stake in the plant in Sagunto in the Valencia region, which has a liquefied natural gas storage capacity of 600,000 cubic metres and regasification capacity of one million normal cubic metres per hour.
That is equivalent to 18 per cent and 15 per cent of Spain's total, respectively.
The deal would raise Enagas' stake in Saggas to 92.5 per cent, with Oman Oil Holdings Spain retaining 7.5 per cent. Closing is expected before end-2026.
Enagas also reported on Wednesday first-half recurring net profit of €118.6 million, down 8.6 per cent year-on-year but still putting it on track to meet its full-year target of €235 million, it said.
Net profit including asset rotation effects, such as the sale of 40 per cent of Enagas Renovable, fell 28 per cent to €126.9 million in the first six months of the year, the company said. The year-earlier figure included €46.3 million of positive extraordinary impacts.
Earnings before interest, tax, depreciation and amortisation came in at €314 million, a 4.6 per cent decline from the same period last year.
The company's net debt stood at €2.31 billion at the end of June, down €170 million from end-2025.
For BarMar, the planned subsea hydrogen pipeline linking Barcelona and Marseille, Enagas said public participation plans had been completed in Spain and France, and the project had been cleared to begin front-end engineering design.
On the route linking Portugal and Spain, known as CelZa, detailed engineering has started on the Spanish section and environmental impact studies have begun in both countries, it added.
(Reporting by David Latona; Editing by Jan Harvey)
