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Lusa - Business News - Portugal: Galp enters Spanish energy market

Lisbon, Mar. 21 (Lusa) – Portuguese oil company Galp has bought 25% of the capital of Spanish electricity distributor Podo, under the scope of a “strategic alliance” that foresees Podo entering the natural gas business in Spain, it announced on Wednesday.
In a communiqué issued today, Podo said it had now incorporated natural gas into the services it offers in Spain and that it had signed a long-term supply agreement with Galp as the gas business needs scale and competitive access to the raw material.
Galp is one of the largest natural gas operators in the Iberian Peninsula.
The deal is part of a larger strategic alliance in which Galp bought 25% of Podo which ensures a future collaboration and lets Podo explore commercial opportunities and innovate its products and services, the communiqué said.

Agency : LUSA

Date : 2018-03-22 08:02:31


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