Algeria-Spain: Sonatrach acquires stake in Gas Natural   Leave a comment

Algeria-Spain | The national hydrocarbons company, Sonatrach,signed yesterday an agreement to subscribe for shares of Gas Natural SDG SA, Sonatrach said in a statement released.

The Algerian group, under the agreement approved by the Board of Directors of Gas Natural SDG SA, which owns will be 3.8504%in Spanish society. However, “the rate of minority interest (…) does not open the right to a seat on the board of Gas Natural,” the statement said.

The subscription amount is the order of 514 737 838.16 euros, while the purchase price of the share is EUR 13.4806, added the source. With 38,183,600 shares purchased, Sonatrach has calledin its statement, the acquisition of “positive”.

Last Tuesday, the two parties had reached an agreement thatended the dispute between them since 2007 on contracts for thesale of gas, and pledged to cooperate in energy projects in the future. The two companies agreed to settle their differencesfollowing the award of the arbitral tribunal in August 2010, which gave Sonatrach the right to increase the price of gas.

In this case, challenged Fenosa Gas Natural increases in natural gas rates applied from 2007 by Sonatrach, which supplies about a quarter of gas consumed in Spain through the Maghreb-Europegas pipeline.
Gas Natural would pay $ 1.9 billion to Sonatrach, according to thecourt.

Algeria is the largest supplier of natural gas from Spain ahead of  Nigeria and Qatar, while Sonatrach is the largest oil company in Africa.

source: Elwatan (Hocine Lamriben)

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Posted July 10, 2011 by newworldconsulting in Uncategorized

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