Naturgy minimizes the threat
Algeria will cut off the gas supply to Naturgy if the Spanish company finally falls into the hands of Taqa, a gas company from the United Arab Emirates, Algeria’s main rival as well as Morocco, according to the Reuters agency, citing a source familiar with the situation. The Spanish Naturgy has minimized the situation and recalled that the company does not participate in any sales operations and that its contracts signed with Algeria extend until 2032.
The Emirati Taqa is negotiating with Criteria Caixa, investment arm of the la Caixa Foundation, a joint takeover bid for the Spanish gas company. Funds CVC and GIPwho have just over 40% of the capital, would be willing to sell after having already exhausted their natural investment period. IFMthe Australian fund that has 17% of the shares, would in principle remain in the capital.
Negotiations are slow since Criteria Caixa, which has 27% of the shares, wants to remain as the main shareholder to maintain the company’s Spanishness. Officially, Taqa has acknowledged conversations with funds to buy their shares and that it is also talking to Criteria. The Government is vigilant and has said that it is a strategic company for the country.
At the moment, Algerian gas is key for Spain since it is the country’s first supplier, ahead of the United States and Russia, which continues to bring gas to Spain by ship despite the minister’s warnings. Teresa Ribera. The Algerian state company, Sonatrachis also a shareholder of the Spanish company with 4.5%.
This is a new conflict that has Naturgy and Algeria as protagonists. The Maghreb country has already closed the other gas pipeline that connects it to Spain, the one that passed through Moroccan territory, so as not to supply gas to the Alawite kingdom. The Government has subsequently turned around the gas pipeline and is now transporting gas from Spain to Morocco.
Precisely that was another problem between both countries, since Algeria threatened to cut off the gas supply through Almería if it was proven that Algerian gas reached Morocco, something that the Spanish Executive has denied.
Furthermore, Pedro Sánchez’s decision to support Morocco’s solution to Western Sahara, breaking decades of Spanish policy in the area, caused Algeria to cut off all trade with Spain except for gas. At this time, only a minimal part of that trade has been recovered.
