28 Jun No Comments gregsamuel_e5x9azx4 LNG World News
Gas Natural Fenosa becomes Naturgy
Francisco Reynés, chairman and CEO of Naturgy (image courtesy of Naturgy)

Spanish LNG operator Gas Natural Fenosa has decided to follow the change in the market and change its name to Naturgy after 175 years. 

The company said it aims to focus on innovation, digitalization, simplicity, as part of its new path undertaken by the company with the Strategic Plan 2018-2022.

This new name will cover the company’s businesses in Spain and internationally. In this manner the new brand of the parent company will be Naturgy Energy Group, the company said in a statement.

The company unveiled the new brand to its shareholders during the shareholders general meeting held in Madrid.

The main focus areas, highlighted by the company have been the environment, simplicity, technological innovation, digitalization and globalization.

The meeting was chaired by the executive chairman of Naturgy, Francisco Reynés, who noted that the company’s strategy over the next four years will focus on efficiency and optimization of Opex, Capex and the capital structure.

With the new name, the company unveiled changes to the shareholders and board of directors.

Last May the company Rioja Bidco Shareholdings, controlled by funds advised by CVC and part owned by Corporación Financiera Alba, acquired the 20 percent of the capital held to date by Repsol.

Previously, in September of the previous year, Global Infrastructure Partners (GIP) acquired a stake in the company following the acquisition of 20 percent of the capital from the two chief partners of the company, Criteria Caixa and Repsol, in equal parts.

Following the arrival of the new partner CVC, the energy company’s capital is now held by Criteria Caixa (24 percent), GIP (20 percent), CVC (20 percent) and Sonatrach (4 percent), while the remainder is distributed between the retail and institutional markets.

The company’s board has been reduced from 17 to 12 directors. The general meeting ratified the appointment of Francisco Reynés as chief executive officer, Javier de Jaime (Rioja Bidco Shareholdings), and José Antonio Torre de Silva (Theatre Directorship Service Beta) both as proprietary directors, and Pedro Sainz de Baranda and Claudio Santiago, both as independents. It also approved the re-election of Ramón Adell and Francisco Belil.