Uniper Sells Stake in BBL Pipeline to Spain's Enagas for $81 Million
(Reuters) — German utility Uniper said it has agreed to sell its 20% stake in the BBL gas pipeline which links Britain with the Netherlands to Spanish grid operator Enagas for 75 million euros ($81 million).
BBL, which runs the 235-km (146-mile) pipeline with an hourly capacity of 20,600,000 kilowatt hours per hour, is 60%-owned by Dutch grid operator Gasunie and 20%-owned by Belgium's Fluxys.
The purchase price values BBL at around 375 million euros.
RELATED: BBL Pipeline to Reduce Reverse Flow to Zero Starting Saturday
The sale of the stake in BBL is part of a package of remedies required by the European Commission in exchange for approval of Uniper's bailout and subsequent nationalization agreed late last year.
Uniper has been one of the largest corporate casualties of Europe's energy crisis, as the gas importer struggles to cover losses incurred after Russia cut off gas supplies.
($1 = 0.9247 euros)
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