Sonatrach Earns 50 Million Euros From The Spanish Gas Market
The profits of the national hydrocarbon company Sonatrach increased from the activity of selling natural gas in the Spanish internal market, in light of the hike in the prices of this substance to unprecedented levels, whether from export activity or from marketing operations through the internal network, as it has a share in the shares of the company “Naturgy”.
In this context, the Spanish newspaper “La Information” reported that the energy company “Naturgy” distributed last Thursday 387 million euros in dividends to its shareholders, at a rate of 0.4 euros per share, noting that the Spanish company will distribute a total of 1.163 million euros to shareholders as dividends during the current year.
The same source pointed out that Algeria’s Sonatrach, which, as is known, holds a share in Naturgy estimated at 4.1 percent, will receive in the coming hours a profit proceeds of 15.9 million euros.
Sonatrach’s profits in exchange for its shares in Naturgy by the end of the current year will amount to about 48 million euros, according to the same source, and these profits stem only from the activity of gas marketing internally in Spain only.
As it is known, Sonatrach entered the capital of the company Naturgy more than 10 years ago, after winning an international arbitration case related to natural gas prices in its shares in exchange for the remainder of the compensation.
According to these new data, Sonatrach is about to reap profits doubly in view of the increase in its value as a result of the internal marketing activity of gas in the Spanish network, as Naturgy’s profits increased due to the steep hike in gas prices globally, and with it Sonatrach’s profits also increased, and it will amount to about 48 million euros by the end of the current year .
Sonatrach is also in the process of reaping additional revenues for the treasury after raising the prices of gas exports to Spain in accordance with the agreement signed last October with Naturgy, to bring the prices into line with the reality of the global market, according to what was confirmed at the time by the company’s CEO, Tewfiq Hakkar.
According to data from the Spanish Energy Stocks Management and Control Authority “Cores”, Sonatrach regained the lead in gas suppliers to Spain several months ago, after its previous decline in favor of American liquefied gas.
The record of Algerian-Spanish trade exchanges showed a historical and unprecedented imbalance for the benefit of Algeria, during the period following the suspension of the Treaty of Friendship and Good Neighborliness last June, which was characterized by the continued flow of Algerian oil and gas to the European country at high prices, in exchange for an almost total stagnation in Spanish goods coming to Algeria.