Spanish energy firm sells 5% stake in Enagas to Oman Oil

GAS SALE: Oman Oil now owns a five percent stake in Spanish gas giant Enagas. (Getty Images)

Spanish energy group Gas Natural said on Monday it had sold its five percent in national gas network operator Enagas to a division of state-owned oil company Oman Oil for $217.2 m.

"Gas Natural has reached an agreement to sell its five-percent stake in Enagas to Oman Oil Holdings Spain," it said in a statement, adding the move was one of the conditions set by competition regulators to allow it to acquire utility Union Fenosa.

Oman Oil Holdings Spain is a division of Oman Oil, which is 100 percent held by the government of Oman.

Gas Natural gained control of Union Fenosa with the purchase of the 45 percent stake in the company held by Spanish contruction group ACS, Fenosa's leading shareholder at the time.

It then launched a takeover bid for the rest of the company which it did not own to become one of Spain's main energy groups, along with Endesa and Iberdrola.

The decision to sell its stake in Enagas was taken in agreement with Spain competition commission.

Gas Natural last year turned a net profit of 1.057 billion euros, up 10 percent from 2007.

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