Enagas Raises Stake in Hanseatic Energy Hub to 15% for Germany's LNG Security
(Reuters) — Spanish gas grid operator Enagas said on Thursday it had raised to 15% from 10% its stake in the Hanseatic Energy Hub consortium, which is developing a land-based terminal to secure Germany's supply of LNG.
Enagas said it would oversee the construction of the new LNG terminal in the northern German city of Stade, which it expects to start operating in 2027.
The project's total investment amounts to around 1.6 billion euros ($1.74 billion), of which 1 billion euros are allocated to the plant's construction.
"The plant will be the first land-based LNG terminal in Germany, key to the security of supply for the country and, therefore, for Europe", Enagas Chief Executive Arturo Gonzalo told shareholders.
Europe will need to come up with more infrastructure if it is to replace Russian gas as thoroughly has it has crude oil, oil and gas executives said at an energy conference on Tuesday.
The European Union has said its goal is to end its reliance on Russian fossil fuels by 2027, but the bloc is still buying LNG from Moscow.
($1 = 0.9169 euros)
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