GdF signs 20-year gas supply contract with Sonatrach

Dec 11, 2006 01:00 AM

French state-owned gas distributor Gaz de France (GdF) said it has signed a 20-year gas supply contract with Algeria's state-owned oil and gas company Sonatrach.
Under the terms of the contract, Sonatrach will supply about 1 bn cm of natural gas per year via the Medgaz pipeline that will link Algeria to Spain by 2009, the company said.

GdF said the contract will enable it to sell gas to Spanish clients and "strengthen its position on the European natural gas market," the company said. GdF owns a 12 % stake in the EUR 887 mm Medgaz pipeline project, which will have 8 bn cm in capacity, essentially to address Spain's increasing domestic energy consumption.
French oil major Total and British oil major BP, which were original partners in the pipeline, have recently divested their interests in the project. After BP and Total exit, there are five remaining partners in the Medgaz consortium: Spain's Endesa, Compania Espanola De Petroleos S.A., or Cepsa, and Iberdrola, GdF and Sonatrach.

Sonatrach is the largest gas supplier to Spain.
Algeria, the world's fourth largest natural gas producer, is Europe's third largest gas supplier and the largest gas supplier to Spain.

Source: Dow Jones Newswires
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