Madrid, 12/04/2000 -
On November 29th and 30th, Madrid hosted the first Spanish-Algerian Conference
organized by SONATRACH and CEPSA, which included the participation of prominent
authorities and delegations from both countries. As a result of this event, stronger
ties between Spain and Algeria have been forged and further steps were taken to
consolidate the already-close relations between CEPSA and SONATRACH, leading to
co-operation agreements, noteworthy among which are the Shareholders Agreement
and By-laws of the Company named "Sociedad para el Estudio y la Promocin del
Gasoducto Argelia-Europa Va Espaa, S.A". (Company for the Study and Promotion of
the Algerian-European Gas Pipeline via Spain), MEDGAZ.
The creation of this company was set out in the Protocol signed by SONATRACH and
CEPSA on August 19, 2000.
This project has sparked considerable interest from a large number of European
firms. In order to facilitate the start-up of this Company and to shorten the
timeframe for achieving results, the initial phase of the scheme, which entails
conducting a feasibility study, will only involve a limited number of participating
firms. Additional key criteria for this project include a strong presence in the
Spanish energy sector and the development of upstream activities in Algeria.
Based on the above criteria, companies to which a firm offer was made to participate
in the scheme include BP, Gaz de France, Endesa, Eni and TotalFinaElf, as well as
SONATRACH and CEPSA as sponsors of the project.
Likewise, SONATRACH and CEPSA have decided to inform the companies that were not
part of this initial group on the development of the feasibility studies and to
ask them to convey their requirements in order to carry out, where appropriate, the
corresponding capacity reserves, as well as to express their interest in taking part
in the execution phase of the project.
Madrid, December 4, 2000
MEDGAZ SA
External Relations
Tel. +34 91 312 54 24
www.medgaz.com