APS : Saturday, 30 May 2020
ALGIERS-The national hydrocarbons Company Sonatrach has become the majority shareholder of Medgaz SA Company after purchasing 19.10% of the shares held by the Spanish group Cepsa Holding in this company.
With this important international operation, Sonatrach increases its 8.04% stake in Medgaz SA, the company said in a communiqué.
Sonatrach’s participation thus rises from 42.96% to 51% in Medgaz SA Company, which manages and operates the offshore gas pipeline directly connecting Algeria, from the compressor station located in Beni-Saf, to Spain at the incoming terminal located in Almeria.
Sonatrach becomes a majority shareholder of Medgaz SA Company alongside its historical partner Naturgy which holds 49% and “thus strengthens its position as a major and reliable supplier of Algerian gas to importing customers to Europe, particularly the Iberian Peninsula through the Medgaz gas pipeline,” said the source.
With a diameter of 24 inches and a length of 210 km, Medgaz’s offshore pipeline has an annual transport capacity of 8.2 billion cubic meters (m3), a quantity that will be increased during the first quarter of 2021 to 10.2 billion m3 by the addition of a 4th turbo-compressor at Beni-Saf compressor station in Algeria, detailed Sonatrach.
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