Sonatrach enters Gas Natural’s capital

Gas Natural offered to pay compensation to Algeria’s energy group Sonatrach via stocks and not in cash. The Spanish company suggested increasing its capital and offering this increase as stocks to the Algerian group.

• An official at Sonatrach told Echorouk there is nothing official so far. The company learnt about the suggestion through Spanish media reports.
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• Sources at Gas Natural told a Spanish newspaper the conflict with Sonatrach about gas price reached a final solution where benefits are shared.
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• The Spanish company said it will increase its capital and Sonatrach will obtain it as stocks. In return, the Algerian group will give up its right in one billion and 500 million euros compensation.
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• According to the same sources, Sonatrach will enter the Spanish company capital after Gas Natural increases its capital. The Algerian group will obtain about 10 percent of the stocks while the Spanish company will pay the rest of compensation in cash.
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• The Spanish newspaper said the agreement was signed but the official announcement has not been made yet.