The Makhzen’s Scandalous Maneuver to Sell “Naturgy” to the Emiratis

The threads of an “Emirati Makhzani maneuver” have begun to unfold in what has become known as the attempts of the Emirati company “Taqa” to buy all the shares of the Spanish energy company “Naturgy”, the largest buyer of Algerian natural gas, in which Sonatrach has a stake of more than 49 percent. The aim is to circumvent Algeria’s warnings to Madrid and supply the Alawite kingdom with Algerian gas after the acquisition of the Spanish giant.
In this context, the Spanish news website El Confidential quoted sources it said were “connected with the file” that the Moncloa Palace (the government) had been informed that the operation was important for Morocco, as part of its quest to obtain Algerian gas by any means and at any price, if Naturgy is acquired by the Makhzen’s allies, the Emiratis.
As is known, the Alawi kingdom has been facing great difficulties in the production of electricity amidst a shortage of liquefied gas supplies and high prices that reached record levels after Algeria shut down the “Pedro Varal Duran” pipeline that crosses its territory to southern Spain in the autumn of 2021.
According to the same source, the Madrid government confirmed that it would not make it easy for Abu Dhabi Energy Company to submit a purchase offer for 100% of the Spanish gas company Naturgy, noting that the Moncloa Palace had learned that the deal was in the interest of Morocco, which is looking for gas supply sources. Hasba saw the deal as a guaranteed source of gas supply after Algeria prevented Spain from selling its gas to Morocco years ago.
The website “El Confidential” pointed out that nothing has been signed between the two parties, noting that the Emirati company “Taqa”, which is 90 percent controlled by the Abu Dhabi Development Holding Company, is still in contact with the main shareholders of the company headed by Francisco Rainas. Rainas, but the Madrid government has the final say.
It is not unlikely that there will be an economic clash between Algeria and the United Arab Emirates if the company “Taqa”, which is 90 percent controlled by the Abu Dhabi Development Holding Company, succeeds in acquiring the Spanish giant “Naturgy”, which is considered Sonatrach’s partner in the purchase of gas. Algerian gas, as well as the Medgaz pipeline linking the two countries across the Mediterranean.
The UAE’s attempt to acquire “Naturgy” faces a number of obstacles, according to local Spanish media. The first is that the government will use its veto power against it using the anti-takeover law, because “Naturgy” is a strategic company, the main supplier of gas in Spain and has major international agreements, the largest of which is with Sonatrach, which also owns 49 percent of the shares in the Medgaz pipeline, compared to 51 percent of the National Hydrocarbon Company.