Two Spanish companies ready to sell their shares in Medaz project

The two Spanish energy companies Indessa and Iberdrola have disclosed their shares in the pipeline liking Algeria to Spain “ Medgaz” which estimated at 15 and 20% worth 90 and 150 million Euros respectively, Spanish sources revealed.

• According the Spanish press agency “ Europa Press”, the two companies have assigned the Spanish bank “Banco Santander” and the French “ BNP Paribas” to look for the parties interested in the acquiring these shares to complete the transaction.
• Meanwhile, the Algerian hydrocarbons company Sonatrach is set to take over a part of the shares of “ Natural Venussa” in the same project which estimated at 10%.
• The same sources have indicated that the intent of the to Spanish companies to sell their shares in the “ Medagaz” project was due to the financial crisis they are facing and their will to offset the losses caused by the lack of investments as well as keeping their international standards.
• Should the transaction succeed and Sonatrach acquires the shares of the two Spanish companies, the Algerian company will have the historical opportunity to get the majority of the shares in the Medagaz project with 67%
• To recall, Medagaz pipeline supplies Spain with nearly the third of its needs in natural gas.