Spain’s Enagas buys stake in Germany’s HEH

Spanish LNG terminal operator Enagas has agreed to buy a 10 percent stake in Germany’s Hanseatic Energy Hub, the developer of the planned Stade LNG import terminal near Hamburg.

Besides the stake sale, HEH has chosen the Spanish transmission system operator as its industrial partner for the operation of the LNG terminal at the Stade industrial park, according to a joint statement.

HEH is a consortium consisting of Fluxys, Dow, Partners Group, and Buss Group.

Belgium’s Fluxys will sell its shares due to a “strategic refocusing”, the statement said.

In April, HEH awarded the engineering, procurement and construction deal for its Stade LNG import terminal near Hamburg to a consortium led by Spain’s Tecnicas Reunidas.

The LNG terminal developer said at the time that the deal remains subject to the firm taking a final investment decision on the project worth about 1 billion euros ($1.07 billion).

HEH said in the new statement that it is targeting FID for the terminal with a regasification capacity of 13.3 Bcm per year in 2023 and to begin operations in 2027.

Energy firm EnBW recently doubled its capacity booking to 6 bcm per year at the planned LNG import terminal.

Besides EnBW, Germany’s SEFE plans to import at least 4 bcm per year via the terminal, starting in 2027.

Prior to the launch of the onshore LNG import terminal, Stade will welcome its first FSRU as part of Germany’s plans to boost energy security and replace natural gas pipeline imports from Russia.

HEH expects the completion of the new LNG jetty in Stade by the end of 2023.

In addition to LNG, HEH is also planning to launch a market test for ammonia imports.

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