Enagás raises Saggas stake to 92.5% as it advances Spain’s hydrogen network
Enagás agreed to buy Osaka Gas’s 20% stake in the Saggas LNG terminal for €31 million, lifting its ownership to 92.5%. The Spanish grid operator is simultaneously seeking permits for the first sections of the national hydrogen backbone and advancing the BarMar link to France.
Enagás consolidates control of a strategic LNG terminal
Enagás has agreed to acquire Osaka Gas’s 20% holding in the Saggas liquefied natural gas terminal in Sagunto, Valencia, for €31 million, El Periódico reported. The transaction will raise the Spanish gas grid operator’s stake in the facility to 92.5%. Oman Oil Holdings Spain will retain the remaining 7.5%.
Saggas receives, unloads, stores and regasifies LNG at the port of Sagunto. Its four tanks provide 600,000 cubic metres of storage, equivalent to 18% of Spain’s total, while its regasification capacity of 1,000,000 normal cubic metres per hour represents 15% of the national total. The scale of the facility makes it important to the security and diversification of gas supplies in Spain and the wider European market.
Enagás also sees potential to integrate Saggas with infrastructure for sustainable carbon dioxide logistics. The purchase follows other portfolio changes, including the acquisition of 31.5% of French gas infrastructure operator Térega and the sale of most of Enagás’s formerly majority-owned position in Enagás Renovable.
First hydrogen backbone sections enter permitting
Alongside the LNG investment, Enagás is progressing with Spain’s hydrogen backbone and the H2Med corridor, which is intended to connect renewable hydrogen production in the Iberian Peninsula with markets in France and Germany. At the end of June, the company requested government authorisation, environmental approval and a declaration of public utility for the first four backbone sections.
Those sections are associated with the main centres of early renewable hydrogen demand. The administrative process is expected to last 18 months. Enagás plans to submit applications for the remaining backbone sections between the fourth quarter of 2026 and the first quarter of 2027.
For BarMar, the planned subsea hydrogen pipeline between Barcelona and Marseille within H2Med, public participation plans have been completed in Spain and France. The project has also received formal approval to move from basic to detailed engineering, taking it another step towards a future construction decision.
Market interest rises as regulated earnings decline
A hydrogen infrastructure call for interest launched this year attracted 128 companies and around 300 projects. A separate consultation on sustainable carbon dioxide management involved 69 companies and 125 projects. Enagás plans to present a new strategic plan in the first half of 2027, including updated multibillion-euro hydrogen investment commitments.
The expansion comes as earnings from the established business remain under pressure. Enagás reported first-half net profit of €126.9 million, down 27.9% from €176 million in the same period of 2025, when results included gains linked to Soto la Marina and a fair-value adjustment for Gasoducto Sur Peruano. The latest figure includes a €9.5 million positive impact from the sale of 40% of Enagás Renovable to Hy24.
Recurring after-tax profit reached €118.6 million, against a full-year recurring net profit target of €235 million. First-half EBITDA fell 4.7% to €314 million, including a €30 million regulatory impact. Enagás maintained its €620 million annual EBITDA target. At the end of June, liquidity stood at €2.626 billion and net debt at €2.305 billion, €170 million below the end of 2025.