- Exercising its right of first refusal, CEPSA has acquired part of GdF Suez´s shareholdings in the MEDGAZ consortium
- CEPSA will maintain a 20% share of the deepwater pipeline’s transport capacity
Madrid, 06-8-2013 — /EuropaWire/ — As provided in the Bylaws of MEDGAZ S.A (the company in charge of operating the Algerian-European pipeline via Spain), CEPSA has exercised its right of first refusal on the sale of GdF Suez´s 12% shareholding in the consortium. The Spanish company has acquired a 7% stake, bringing its total shareholding in MEDGAZ to 42%.
CEPSA nonetheless will maintain its 20% share of the pipeline’s transport capacity, accounting for 1.6 BCM (billion cubic meters).
On February 2013, CEPSA announced it would exercise its right of first refusal on the sale of Endesa´s and Iberdrola´s shareholding in the consortium. Later on CEPSA did the same when GdF Suez announced its intention to sell its stake.
As one of its founding partners, CEPSA regards MEDGAZ as a key strategic project, providing the most direct and cost-effective way of supplying natural gas to Southern Europe. The gas that is transported through the pipeline is used in CEPSA’s refining and petrochemical processes, as well as in its cogeneration and combined-cycle plants, which in turn provide steam and electrical power to its main facilities.
CEPSA has been actively present in Algeria for the last two decades, undertaking numerous oil and gas exploration, production and transmission projects in the country.
CEPSA Corporate Communications and Institutional Relations Division