Spanish firm Iberdrola has divested its natural gas storage business in Canada as part of its decarbonisation strategy.
The company sold its stake in Alberta Hub Gas Storage to the Canadian group ATCO through its subsidiary Scottish Power Overseas. The sale became effective immediately upon signing.
Iberdrola Canada Energy Services have a 57% stake in the natural gas storage facility, measuring 43 billion cubic feet, in the province of Alberta, Canada.
The divestment furthers Iberdrola’s previously announced plan to exit the gas storage business. The company now has only one asset left in its portfolio, the 4.1-Bcf Hatfield Gas Storage facility in the UK.
In a statement, Iberdrola said: “With the divestment of the gas storage business in Canada, Iberdrola takes another step forward in its commitment to clean energy and decarbonisation of the economy.”
Iberdrola has been working to divest non-strategic assets and reduce its emissions since 2001 when company put its stake in Repsol up for sale.
In 2009, the company sold its stakes in the Sagunto and BBG regasification plants, signalling its exit from the regasification business. A year later, the Spanish firm divested its 15.68% stake in the Irish oil and gas firm Petroceltic.
Iberdrola sold the Seneca Lake gas storage facility and two associated gas pipelines in the US in 2011. The company also sold its 20% stake in the Algeria-Spain gas pipeline operator Medgaz in 2013.
In recent years, the company have divested its gas storage and trading businesses in the US and its portfolio of long-term LNG supply contracts.
Iberdrola aims to become carbon neutral in Europe by 2030 and globally by 2050.