OMAN acquires 7.5% of sagunto regasification plant

Source: www.gulfoilandgas.com 11/12/2004, Location: Middle East

Oman Oil Company (OOC), owned by the Oman government, has acquired 15% of Infraestructuras de Gas, a company which owns 50% of the Sagunto (Valencia) regasification plant. As a result, OOC owns 7.5% of the regasification facility. Oman Oil Company invests in energy projects related to oil and gas, in Oman and other countries.

Prior to this transaction, Infraestructuras de Gas was owned 90% by UNION FENOSA Gas (owned 50% each by UNION FENOSA and ENI) and 10% by UNION FENOSA. The agreement envisages the sale of that 10% stake by UNION FENOSA and a capital increase of 5%, as a result of which the shareholders of Infraestructuras de Gas will be UNION FENOSA Gas (85%) and Oman Oil Company (15%). In September 2004, UNION FENOSA Gas acquired 7.36% of Qalhat LNG, which owns the new liquefaction plant in Oman.

The agreement was signed today in Madrid by Elias Velasco, Chairman of UNION FENOSA Gas, Angelo D'Abundo, Director and General Manager of UNION FENOSA Gas, and Ahmed Al Wahaibi, CEO of Oman Oil Company.

This contract arises from the cooperation agreements signed in Madrid on 30 May 2002 between the government of the Sultanate of Oman and UNION FENOSA Gas. The agreements include the supply to UNION FENOSA Gas of 2.2 bcm of gas per year (50% of the output of Qalhat LNG) for 20 years starting January 2006, the acquisition of 1.8 bcm in 2004-2005 from Oman LNG, which owns regasification trains 1 and 2 (already operational), and an investment by the government of Oman in gas assets in Spain.

Following the signature of the agreement, Ahmed Al Wahaibi stated that the stake in the Spanish regasification plant is in line with Oman Oil Company's strategy of investing in international energy projects with companies that have extensive international experience, as is the case of UNION FENOSA Gas. He highlighted that "the agreement increases our presence in Spain and complements the 10% stake we have held in Compa??a Log?stica de Hidrocarburos since March 2003."

UNION FENOSA launched its strategy of growth in the gas business six years ago through subsidiary UNION FENOSA Gas. It has completed a number of projects in this initiative during the second half of 2004: delivery of gas tanker ships, entry into service of new combined cycle plants, and completion of the Damietta liquefaction plant. According to El?as Velasco, "development of this integrated plan enables us to maintain a competitive position in the gas business with assured profitability due to acquiring gas at source".



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