The project would entail joining Algeria and Europe, via Spain
Madrid, 09/06/2000 - CEPSA and SONATRACH have just signed an agreement to
set up a company aimed at studying the feasibility and promoting the construction
of a new gas pipeline which would connect Algeria with Europe via Spain.
The share capital of the company, held at 50% each by CEPSA and SONATRACH, will
amount to 500,000 US dollars.
This project is in response to the favorable prospects of rising demand for natural
gas in Europe and particularly in Spain. The increase in demand will primarily stem
from the development of the electric power generation sector, prompted by the
increasingly greater focus on environmental protection and the latest technological
advances.
CEPSA and SONATRACH have invited other companies interested in the development of
gas and electrical power in Europe to join this project and to take part in this new
company in charge of conducting the study.
Madrid, September 6, 2000
MEDGAZ SA
External Relations
Tel. +34 91 312 54 24
www.medgaz.com