May 30, 2020 / 5:13 PM / in a month

Algeria's Sonatrach becomes majority shareholder in Medgaz pipeline

ALGIERS, May 30 (Reuters) - Algeria’s Sonatrach has become the main shareholder in the Medgaz pipeline after acquiring an additional 19.10% stake from Spain’s Cepsa, the state-owned energy firm said on Saturday.

Under the deal, Sonatrach will have 51% stake, with Spain’s Naturgy Energy Group SA holding the remaining 49% in the pipeline which carries natural gas from Algeria to Spain, Sonatrach said in a statement.

It gave no financial details on the stake acquisition in the pipeline which has a capacity of 8.2 billion cubic metres per year.

“Sonatrach thus will strengthen its position as a major and reliable supplier of gas to Europe,” the statement said. (Reporting by Hamid Ould Ahmed; Editing by Christina Fincher)

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