Sonatrach: Agreement with six partners to review exported gas prices

ALGIERS-Sonatrach Group’s CEO Toufik Hakkar said Wednesday, in Algiers, that he agreed with six partners to review the prices of the Algerian exported natural gas, pending further negotiations with other partners.
On the sidelines of a signing ceremony of several agreements between Sonatrach and the Italian group ENEL, Hakkar said that it had been agreed to review the purchase prices of natural gas with six partners, out of eleven.
In this regard, the CEO of Sonatrach announced the end of negotiations with the Spanish partner Naturgy on the new pricing, adding that an agreement will be concluded in “the very next few days.”
In a reply to a question on the possibility of increasing the volume of natural gas exports to the Spanish market, Hakkar said that the capacity of the Medgaz gas pipeline linking Algeria and Spain, estimated at 11 billion m3 / year, was fully exploited and “today we honor our 100% contracts with the Spanish side.”
“Today, the international gas market is experiencing a surprising rise in prices,” said Hakkar regarding the agreement signed with ENEL and its subsidiary in Spain ENDESA.
For his part, representative of the ENEL group, Claudio Machetti, said that the long-term contract formula represents, for the European part, the best formula likely to contribute to the stability of supplies.