On 14 June 2018, Gas Natural Fenosa and Sonatrach announced the renewal of piped contracts from Algeria to Spain until 2030. The press release was light on details – with annual volume terms not even specified. However, figures reported in the press suggest that the Annual Contract Quantity (ACQ) of the renewal is similar to previous agreements. We believe the contract terms have become more flexible on volume and price. This was discussed during the renewal process and market intelligence suggests pricing includes European hub(s) indexation, in addition to indexation to a basket of oil and oil products.