Algeria's Sonatrach Becomes Majority Shareholder in Medgaz Pipeline
ALGIERS (P&GJ) — Algeria’s Sonatrach has become the main shareholder in the Medgaz pipeline after acquiring an additional 19.10% stake from Spain’s Cepsa, the state-owned energy firm said on Saturday.
Under the deal, Sonatrach will have 51% stake, with Spain’s Naturgy Energy Group SA holding the remaining 49% in the pipeline which carries natural gas from Algeria to Spain, Sonatrach said in a statement.
The offshore pipeline is 24 ″ in diameter and 210 km long with an annual transport capacity of 8.2 billion cubic meters, which will be increased during the first quarter of 2021 to 10.2 billion cubic meters by adding a 4th Turbo-Compressor at the Beni-Saf Compression Station in Algeria.
In a statement, the company said the acquisition “strengthens its position as a major and reliable supplier of Algerian Gas to importing customers to Europe, in particular the Iberian Peninsula through the Medgaz gas pipeline.”
— Press and wire services report
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