SONATRACH has completed a transaction to acquire 19.10% of the shares held by the Spanish company CEPSA in the Medgaz Company. With this major international transaction, SONATRACH increases its stake in Société Medgaz by 8.04%.
SONATRACH’s stake thus goes from 42.96% to 51% in the company Medgaz SA, which manages and operates the offshore gas pipeline directly connecting Algeria, from the Compression Station located in Beni-Saf, to Spain at the Arrival Terminal located in Almeria.
With this acquisition, SONATRACH becomes a 51% shareholder in the new shareholding of Medgaz SA with its historic partner Naturgy at 49% and thus 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.
The offshore pipeline is 24 inch 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.