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Fenosa & Sonatrach Extend the Algerian Gas Purchase Contract

Source: 6/14/2018, Location: Africa

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GAS NATURAL FENOSA and SONATRACH (the Algerian company Sociéte Nationale pour la Recherche, Production, Transport, Transformation and Commercialization of Hydrocarbons, SpA) have signed a renewal agreement, with scope until 2030, of gas supplies to Spain from Algeria, which currently represent more than 40% of the supply of GAS NATURAL FENOSA.

"This signing is an important step to continue reinforcing the historic strategic alliance with Sonatrach. In addition, it is undoubtedly a significant achievement in relations with Algeria, as through this renewal ensures stability in the supply of gas to Spain, "said Francisco Reynés, president of GAS NATURAL FENOSA.

In addition to contributing to the supply security of the Spanish market, a volume of supply is secured by pipeline to Spain in the environment of 30% of the country's consumption and an optimal distribution of natural gas (GN) and liquefied natural gas (LNG) is maintained. in the supply mix.

With the renovation, the relationship of GAS NATURAL FENOSA, as a leader in marketing in Spain, and SONATRACH, as the first gas supplier to Spain, extends once again and exceeds 40 years of joint activity.

GAS NATURAL FENOSA was one of the first global operators to bet on the supply of Algerian gas and, at this moment, it is one of the two main SONATRACH customers worldwide. At the same time, based on the agreements reached in June 2011, the Algerian company is the fourth shareholder of GAS NATURAL FENOSA with a 4% stake.

Negotiations for the extension of contracts have allowed to reach advantageous agreements for both parties.

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