Petroleum Africa
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Monday, July 11, 2022
Algeria’s national hydrocarbon company Sonatrach and the French energy group Engie have reached an agreement in Algiers to extend their contract for the purchase and sale of natural gas through Medgaz.
This contract, linking the two groups since 2011, provides for the delivery of natural gas by Sonatrach to Engie via the Medgaz gas pipeline. Through this agreement, the two parties have agreed to define the contractual selling price applicable over a period of three years, up to 2024, to take into account market conditions.
When signing this agreement, the parties confirmed their intention to extend their partnership to LNG and Natural Gas. Thus, Sonatrach will strengthen its share in Engie’s supply portfolio, allowing the two groups to continue their diversification and contribute to the energy security of European customers.
Building on their historic partnership around gas, the two parties have also committed to working together to reduce their carbon footprint and to assess new opportunities, particularly in the development of hydrogen.
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