Algeria's Sonatrach interested in stake in Spain's Cepsa

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Sep 5, 2007, 9:36 GMT

Madrid - The Algerian state-owned energy company Sonatrach is in touch with Spain's Santander bank in view of acquiring the bank's 30 per cent stake in the Spanish oil company Cepsa, the daily El Mundo reported Wednesday, quoting knowledgeable sources. Neither Santander nor Sonatrach issued any comment. The news followed the cancellation of a 5.2-billion-euro (7- billion-dollar) contract between Sonatrach and the Spanish firms Repsol YPF and Gas Natural on the exploitation of the Gassi Touil gas fields in Algeria. The Spanish government Wednesday expressed its concern over the Algerian decision, pledging to follow the dispute closely. Algeria accused the Spanish firms of delays in building a new gas terminal, but Spanish analysts placed the decision in the context of a nationalist drive to control energy supplies. The acquisition of a stake in Cepsa would give Sonatrach direct access to the oil and gas distribution market in Spain, according to El Mundo. Santander's stake in Cepsa was estimated to be worth 5.6 billion euros. © 2007 dpa - Deutsche Presse-Agentur

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