Sonatrach prepared to cede only 10 pct of Medgaz to Gas Natural - report |
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Published
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Thu, 15 Feb 2007 09:25
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MADRID (AFX) - Algerian state gas company Sonatrach is only prepared to offer Gas Natural SDG SA a 10 pct stake in the Medgaz project in order to retain 26 pct that would allow it to keep its veto rights, El Pais reported, citing unnamed sources in Algeria.The statutes of the Medgaz project to build a gas pipeline from Algeria to Spain state that important strategic decisions require shareholder approval by a significant majority.To cede more than 10 pct would mean Sonatrach would lose its power to block decisions such as extension of the pipeline, El Pais noted.Over recent weeks, Algeria has come under pressure from the Spanish government to hand over part of Sonatrach's stake in Medgaz to Gas Natural in return for access to the Spanish electricity and gas market.afxmadrid@afxnews.comcve/jdy/jlcCOPYRIGHTCopyright 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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Medgaz Spanish shareholders not informed of Gas Natural interest - report 