EDP in preliminary talks with Sonatrach over gas deal, no agreement yet |
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Thu, 18 Jan 2007 08:02
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LISBON (AFX) - EDP Energias de Portugal said it has been in preliminary talks with Algerian state-owned oil and gas company Sonatrach, among other upstream gas producers, but no formal agreement has been reached yet.On Tuesday, Jornal de Negocios cited Sonatrach officials as saying that the company is not planning to acquire a stake in EDP, denying weekend press reports which had said that the Algerian company was in talks to acquire 5 pct of EDP.In a statement, EDP said it has been 'maintaining confidential and preliminary contacts with several natural gas producers,' over the last few months, with the purpose of carrying out its strategic plan to focus on the gas business as one of the main areas of its activity.At its strategic plan announced last July, EDP said it aims to increase the weighting of gas in its energy generation mix to 17 pct in 2008, up from 13 pct currently.The company also said it plans to 'roll out international expansion' and to 'assess midstream or upstream opportunities,' with the aim of achieving 'leadership in the Portuguese liberalised gas market.'jonathan.gleave@afxnews.comjg/jg/anCOPYRIGHTCopyright 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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Algeria's Sonatrach in talks to acquire 5 pct of EDP - report 