Sojitz buys stake in Spanish LNG terminal

30 October 2017 - 12:00 am UTC

Trading house Sojitz said today it has acquired a 15% stake in an LNG terminal business in Spain for about JPY 4bn (USD 35m), making it the first Japanese trading company to enter the burgeoning sector in Europe.

Trading house Sojitz said today it has acquired a 15% stake in an LNG terminal business in Spain for about JPY 4bn (USD 35m), making it the first Japanese trading company to enter the burgeoning sector in Europe.

Sojitz said it has acquired an entire stake in First State Regasificadora S.L.U. (FSR), which holds a 15.00% equity in Regasificadora del Noroeste S.A.  (Reganosa). The Spanish LNG operator is capitalized at EUR 47.5m, with its remaining stake held 50.69% by Tojeiro Group, 24.31% by the government of Galicia and 10.00% by Sonatrach.  

Reganosa’s assets include the LNG terminal located in Mugardos in the northwest of Spain.

After the startup of operation from 2007, the Mugardos LNG terminal has delivered LNG not only internally within Spain, but also to Asia and other parts of the world. After the transaction, the LNG terminal will also be used as an LNG station for vessels.

Sojitz has been involved in the LNG business since the 1970s, and has made investments into Indonesia and Qatar. “We will contribute our LNG expertise to support the further development of the Mugardos LNG Terminal,” said Sojitz in a statement.   

Looking ahead, Sojitz said it will expand its LNG import business activities on a global basis into ASEAN and other nations in South Asia. It will also develop its LNG liquefaction business to help create a stable energy supply to Japan, the world’s biggest LNG importer.