Gas Natural to triple Italian client base by end-2008
Spain’s dominant gas distributor Gas Natural plans to increase its client base in Italy from 250,000 today to 800,000 in 2008. International director Alberto Toca said Gas Natural was in talks with a number of privately-owned Italian gas distribution companies, which the company aims to buy to reach its yearend target of 300,000 Italian customers. The company is also looking to buy non-controlling stakes in a number of unlisted municipal utilities. Total investment in Italy is expected to be EUR 632 million during 2004-2008.
Gas Natural secured its third deal in Italy this month with the purchase of unlisted Nettis for EUR 140 million. In addition the Spanish major is currently awaiting the green-light to build two LNG regasification plants in Italy, an investment of around EUR 1.2 billion.
Analyst Davide Tabarelli said that Gas Natural’s investment strategy was similar to that of other foreign companies inthe Italian gas market. “They are prepared to pay high prices for utilities. It’s not a mistake to make these investments but the crucial thing for Gas Natural in terms of momentum is whether it gets the go-ahead to build its LNG terminal at Taranto.”
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