Gas Natural to Acquire 10% in Medgaz PL Consortium

Source: Reuters 6/27/2011, Location: Africa

Spain's Gas Natural is to acquire a 10-percent stake in the Medgaz pipeline consortium from Algerian state energy firm Sonatrach, Sonatrach's chief executive Nourredine Cherouati said. "We are going to cede 10 percent of Medgaz to them (Gas Natural)," Cherouati told reporters. The pipeline supplies Algerian gas to Spain. Sonatrach currently owns 36 percent of the pipeline, while Iberdrola Abu Dhabi's Cepsa, Enel's Endesa and Gaz de France are the other consortium members.

The acquisition of the 10-percent stake is part of a settlement, agreed this month, to a long-running legal row between the Spanish utility and Sonatrach over how much Gas Natural pays for Algerian gas imports. Under the same deal, Gas Natural has agreed to pay $1.897 billion to Sonatrach, and the Algerian firm is to acquire a minority stake in Gas Natural. The Medgaz pipeline came on stream in May this year. It has the capacity to pump 8 billion cubic metres of gas a year from Algeria to Spain.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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