Algeria: Naturgy settlement

Issue 425 - 22 Oct 2020

Sonatrach has settled its dispute with Spain’s Naturgy Energy Group by agreeing to revise their gas contracts while avoiding the arbitration proceedings threatened by Algeria. The Spanish utility initiated negotiations in May, and three separate contracts were renegotiated in a review of pricing, volume and duration provisions, the two companies said on 7 October. The contracts were signed by Naturgy executive chairman Francisco Reynes and Sonatrach president director- general Toufik Hakkar, during a visit to Algiers by Spanish prime minister Pedro Sánchez.

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