July 22 (LNGJ) - Naturgy Group of Spain, an importer of both US and Russian LNG volumes, said its first-half gross earnings came to €2.03 billion ($2.34Bln) down by around 11 percent on the 2019 figure despite the market challenges. Naturgy also completed negotiations with BlackRock, the world’s largest equity fund, to partner with the Spanish company in a joint venture that will hold 49 percent of the Medgaz subsea natural gas pipeline from Algeria to Spain. The deal provides Naturgy with joint control over the company without enlarging its operations or investing any additional sums.
“For us, this deal is very attractive. BlackRock coming aboard the investment vehicle attests to the appeal and uniqueness of Medgaz as strategic infrastructure,” said Naturgy Chairman Francisco Reynés. Algerian state energy company Sonatrach holds the majority 51 percent of the shares in Medgaz, which is 210 kilometres in length and has capacity to transport 8.2 billion cubic metres per annum of natural gas.
