Petroleum Africa
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Thursday, October 8, 2020
Toufik Hakkar, Chairman and CEO of Sonatrach, today met in Algiers with his counterpart Francisco Reynes, Chairman and CEO of the Spanish company Naturgy, following the signing of the amendments to the gas sales contracts binding the two companies.
The signing of these amendments strengthens the partnership of Sonatrach and Naturgy, whose commercial relationship dates from the 1970s and which are also the two shareholders of the company MEDGAZ which operates the gas pipeline connecting Algeria to Spain, respectively at 51% and 49 %.
This meeting was an opportunity for the two officials to discuss other possibilities for future cooperation between the two companies and on the best ways to expand their commercial relations.
Commenting on the discussions and amendment, Hakkar, stated: “The oil and gas industry has been strongly impacted by the COVID 19 pandemic. Sonatrach is overcoming, in close collaboration with its customers, the effects of this pandemic on Commercial activities. The agreement reached by Sonatrach and Naturgy reflects the strategic nature of the long-term and trusting relationship that binds them and through which they aim to consolidate their positions on the Spanish market.”
On behalf of Naturgy, Reynes said: “This agreement demonstrates the will of Sonatrach and Naturgy to continue their long-term partnership, which began decades ago. This strategic alliance is essential for the competitive and secure gas supply of the Spanish market, and therefore essential for the economic and social development of both countries.”
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