Gas Natural Fenosa extends piped gas contracts with Sonatrach



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Report summary

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.

What's included

This report contains

  • Document

    Gas Natural Fenosa extends piped gas contracts with Sonatrach

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Table of contents

  • The contracts underpin 30% of Spanish gas demand
  • and have positive implications for GNF's LNG business
  • The renewal supports Sonatrach's upstream investments
  • Will this deal set a precedent for further contract extensions?

Tables and charts

This report includes 3 images and tables including:


  • GNF's flexible LNG availability with/without Algeria extension
  • Algeria piped gas contracts to Europe
  • Algeria LNG contracts

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