Algeria’s state-run oil and gas company, Sonatrach, has signed gas contracts with the Spanish gas company, Naturgy, according to a press release.
Signed in the presence of Spain’s Prime Minister Pedro Sanchez, the deal will strengthen Sonatrach’s position in the Spanish Market.
Tawfiq Al-Hakar, CEO of Sonatrach, said, “The oil and gas industry has been severely affected by the Covid-19 pandemic but Sonatrach, in close cooperation with its customers, is overcoming the effects of this pandemic on commercial activities.” Adding, “The agreement reached by Sonatrach and Naturgy reflects the strategic nature of the long-term relationship of trust Linking them, through which they aim to consolidate their position in the Spanish market.”
This also gives the opportunity for the two companies to discuss future opportunities and the best way to strengthen trade opportunities between them.
Sonatrach’s and Naturgy’s strategic partnership dates back to the 70s and they operate the gas pipeline linking Algeria to Spain, which is owned 51% to 49%, respectively.