APS : Thursday, 14 June 2018
ALGIERS- National oil corporation Sonatrach and Spanish company Gas Natural Fenosa signed Thursday agreements about the renewing of gas purchase and sale contracts to Spain until 2030.
The agreements will contribute to consolidating Sonatrach’s position as Spanish market’s main gas supplier and will boost cooperation with its historical partner Gas Natural Fenosa, Sonatrach noted in the statement.
The CEO of Sonatrach, Abdelmoumen Ould Kaddour, said “the agreements represent a major step in Sonatrach’s future positioning in the international gas market under its strategy SH2030, and confirm the quality of the long-term partnership between the two companies.”
Trade relations between Sonatrach and Gas Natural Fenosa started through LNG supply in early 1970s, before being strengthened with the building of the gas pipelines Pedro Duran Farell (GPDF) and Medgaz.
Sonatrach is also the fourth major shareholder in Gas Natural Fenosa, the statement said.