• Natural Gas News

    Spain's Gas Natural Restructures

Summary

Gas Natural has said it will "simplify" and restructure its business from six into four key business units.

by: Mark Smedley

Posted in:

Natural Gas & LNG News, Europe, Corporate, Corporate governance, Appointments, News By Country, Spain

Spain's Gas Natural Restructures

Spanish utility Gas Natural announced May 30 that it will "simplify" and restructure its business from six into four key units with effect from July 1 2018.

In a stock market filing, it said the new business units will have full responsibility in their scope of action, while fulfilling the company's needs, once a new 2018-22 strategic plan is approved in late June. The move follows Francisco Reynes' appointment earlier this year as GN executive chairman, and the decision by Repsol to divest its 20.072% GN stake after having been a core shareholder for almost 20 years.

The four new units are as follows:

• Gas & Electricity - to include generation and renewable businesses, gas supply, global LNG marketing and logistics, and the marketing of gas and electricity in Europe;
• Business Infrastructures Spain & EMPL/Medgaz - to encompass GN-owned gas and electricity network businesses in Spain and the Maghreb-Europe and Medgaz gas pipeline connections with North Africa;
• Infrastructure Business Latin America South Zone - including GN-owned gas and electricity network businesses in Chile, Argentina, Brazil and Peru; 
• Infrastructure Business Latin America North Zone - GN's Mexican gas and electricity network businesses, plus its Panama business.

The head of its Gas & Electricity unit, Manuel Fernandez, was already head of GN's wholesale energy business.

Organogram courtesy of Gas Natural