Medgaz consortium to invest in new Spain-Algeria gas pipeline

Dec 29, 2003 01:00 AM

The Medgaz consortium is planning to invest EUR 600 mm in a new gas pipeline between Almeria in Spain and Beni Saf in Algeria, which will transport natural gas from northern Africa to Spain.
The project, for which no financing plan has been agreed yet, will require further investments both in Algeria and Spain, however.

The consortium, of which Spanish companies Cepsa, Endesa and Iberdrola are members, is planning to link Almeria with Albacete for a further EUR 300 mm in order to connect the new pipeline with Spain's existing network.
A further EUR 500 mm is needed in Algeria in order to link the actual gas fields in Hassi R'Mell with the coastal city of Beni Saf.

Overall investments in the project will thus total around EUR 1.4 bn. Medgaz is also examining whether to export gas to France with the help of the new pipeline, which means that new pipelines will have to be built in Spain itself or existing ones extended.
Another option is to make use of the network operated by Enagas,which is the operator of Spain's gas infrastructure, but is not a member of Medgaz.

Source: The Financial Times
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