Homegrown team to build third tank at Bilbao terminal
A consortium of three Spanish engineering and construction companies has won a tender to expand the Bahia de Bizkaia Gas terminal on the country's northern coast. Construction of a third tank at the Bilbao plant will begin early next year, a BBG source said. The winning consortium of Sener, Cobra and Balzola was long believed to be the front-runner for the job. The contract has yet to be signed, a source in the engineering consortium said. Rival Spanish engineering player Tecnicas Reunidas is known to have been vying for the engineering, procurement and construction prize.
BBG is paying about €160 million ($224 million) for the tank, said a source at the operating company. The terminal began operations in 2003 with 7billion cubic metres per annum of capacity.
Expansion was originally planned for 2008. Bids for a new 150,000 cubic-metre tank were submitted last autumn but the project did not receive Industry Ministry approval until April of this year.
In the meantime, BBG asked bidders to resubmit cost estimates. Elsewhere, a deal allowing Spain's Repsol-YPF to exit the shareholder roster at the terminal has been finalised, the BBG source said.
The National Energy Commission approved the agreement last week, clearing the way for gas pipeline player Enagas to take a leading stake. Repsol's 25% interest is reported to have fetched
€40 million. It unloaded 15% to Enagas, giving that company 40%. Another 5% each went to Deutsche Bank fund RREEF and the Ente Vasca de Energia, a company owned by the Basque regional government. They each now hold 30%. Enagas now has sole ownership or a lead shareholding in all but two of Spain's seven existing and planned LNG terminals.
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