Sonatrach Becomes Main Shareholder in the Medgaz Pipeline

Sonatrach Becomes Main Shareholder in the Medgaz Pipeline

Algeria’s State run oil company, Sonatrach, has become the main shareholder in the Medgaz pipeline after the acquisition of a further 19.1% stake from Spain’s Cepsa, according to a press release.

Under the deal, Sonatrach will have a 51% stake, with Spain’s Naturgy Energy Group SA holding the remaining 49% in the pipeline which carries natural gas from Algeria to Spain, Sonatrach said in a statement.

No financial details were given on the stake acquisition. The Medgaz pipeline has a capacity of 8.2 billion cubic metres per year (bcm/y).

“Sonatrach thus will strengthen its position as a major and reliable supplier of gas to Europe,” the statement said.

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