The extraordinary meeting of Shareholders, as proposed by the Board of Directors of MEDGAZ , resolves to include IBERDROLA as a new shareholder of the company

Madrid, 09/30/2003 - At its meeting held today, September 30th, the EGM of Shareholders of MEDGAZ has taken the decision, as proposed by its Board of Directors, to include Iberdrola as a new shareholder of the company, following the Italian oil company ENI's request to exit the consortium.

As a result of this resolution, the company -which is planning to build a gas pipeline between Algeria and Spain- now has the following shareholding structure: CEPSA and SONATRACH, both having a 20% stake, and BP, Total, Endesa and Gaz de France, with 12% each. As a new shareholder, Iberdrola will also have a 12% interest.

Madrid, September 30, 2003
MEDGAZ SA
External Relations
Tel. +34 91 312 54 24
www.medgaz.com