The project was officially launched with the creation of the Sociedad Promotora Bilbao Gas Hub, S.L (now Sociedad Bilbao Gas Hub, S.A.), in March 2011. The company’s corporate purpose is to carry out activities aimed at the promotion of market, logistic and financial services required to facilitate natural gas and LNG transactions.
The project was initially supported by Enagás, the Spanish natural gas TSO, Kutxabank (then, BBK), the main financial institution in the Basque country, with a broad presence in Spain, and the Ente Vasco de la Energía (EVE), the energy agency of the Basque government.
In May 2012, the company became a joint-stock company and expanded its shareholder base to include Criteria Caixaholding, one of the main financial institutions in Spain, with headquarters in Barcelona, and ICAEN, the energy agency of the Catalan government.
Throughout the second half of 2012 and the first few months of 2013 the company focused on strengthening its institutional structure and building up the communications and IT infrastructure required to offer market and hub services in the natural gas and LNG markets in Iberia.
In February 2013 the company opened its headquarters at Torre Iberdrola, a state-of-the-art building in downtown Bilbao (Bizkaia, Basque Country), close to the Bilbao Guggenheim Museum.
In May 2013, Iberian Gas Hub started to provide brokering services in the OTC natural gas and LNG markets in Spain and Portugal.
The next key milestone for the Iberian Gas Hub project implies launching its electronic trading platform and offering tracking, matching and clearing services for market transactions in the Iberian Gas Hub virtual trading point.