Spain’s Enagas plans to take stake in Albania’s Albgaz

Spanish LNG terminal operator Enagas is looking to buy a stake in Albanian state-owned gas firm Albgaz.

In June this year the two companies signed a memorandum of understanding to cooperate in natural gas and LNG projects, including the Vlora LNG import terminal.

According to a statement by Enagas issued on Tuesday, the company’s CEO Arturo Gonzalo, and his counterpart at AlbGaz, Arber Avrami, now signed a strategic cooperation agreement in Tirana.

In the deal, among other aspects, the Spanish operator has stated its interest in analyzing the possible acquisition of a stake in the Albanian company.

Also, the deal includes an assessment of participation in natural gas and renewable gas projects currently being carried out in Albania and in the Mediterranean region, Enagas said.

Gonzalo said in the statement that “this agreement responds to the long-term commitment that Enagas has in Europe and, in particular, in the Mediterranean region, in line with its strategy of alliances with operators to further the security of supply”.

“Enagas has already a relationship with AlbGaz, thanks to the company’s 16 percent stake in the Trans Adriatic Pipeline (TAP), which links Turkey with Italy through Greece and Albania, as well as in its eventual expansion,” he said.

Earlier this year, US LNG player Excelerate Energy said it planned to deploy its FSRU Excelsior to serve the Vlora LNG project in Albania after the unit completes its contract in Israel.

The firm said at the time it expects the Vlora LNG terminal and power plant project to come online in the second quarter of 2023.

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