Spain Approves $1.75b Compensation

Spain Approves $1.75b CompensationSpain Approves $1.75b Compensation

The Spanish government approved payment of $1.75b in compensation to the owners of offshore gas facility Castor, built to store 30 percent of Spain's daily gas consumption and shut last year after minor earthquakes in the area. The compensation will be paid to Escal, a joint venture owned 66% by Spanish builder ACS and 33% by Canada's Dundee Energy, Reuters reported.