Medgaz Spanish shareholders not informed of Gas Natural interest - report |
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Mon, 12 Feb 2007 09:19
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MADRID (AFX) - Spanish shareholders in the Medgaz project have not been officially informed of Gas Natural SDG SA's interest in acquiring a stake, El Economista reported, citing unnamed sources close to Medgaz.The project involves the construction of a gas pipeline running from Algeria to Spain.According to El Economista, Algeria has come under pressure from the Spanish government to hand over part of the state oil and gas company Sonatrach's holding to Gas Natural.In return, Sonatrach would be offered access to the Spanish electricity and gas market, it said.Last week, Algerian energy minister Chakib Khelil said Gas Natural would have Algeria's support if it wished to join the Medgaz project.Khelil noted that Sonatrach would be willing to reduce its stake in the project to facilitate Gas Natural's entry.Sonatrach owns 36 pct of the Medgaz consortium, while Cia Espanola de Petroleos SA and Iberdrola SA have 20 pct each and Endesa and GDF 12 pct each. BP and Total pulled out in December.afxmadrid@afxnews.comcve/jdy/harCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Gas Natural has Algerian support to join Medgaz project 