Global Arab Network | Oman Oil buys Enagas stake for 7.2 mln

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Oman Oil buys Enagas stake for $217.2 mln

Global Arab Network - - Maha Karim

Wednesday, 03 June 2009 02:53

Oman Oil Company has announced the signing of an agreement with Gas Natural to acquire its entire five per cent interest in Enagas, Spain’s leading natural gas transportation, regasification, and storage company.

The deal is worth 155.2 million euros ($217.2 million).

The agreement was signed by Ahmed Al Wahaibi, chief executive officer of Oman Oil Company, and Rafael Villaseca, CEO of Gas Natural. The agreement is subject to the approval of the regulatory authorities in Spain.

Ahmed Al Wahaibi said, “This acquisition by Oman Oil Company comes in line with the company’s strategy to grow its investments internationally. Enagas is a reputable company with a strong track record and promising growth potential. The acquisition of a stake in Enagas is also in line with our efforts to diversify our investment portfolio between Omani and international assets.”

Enagas is also the technical manager of the gas system in Spain.

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