Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Algeria regains spot as Spain's top natural gas source -Enagas

Published 09/02/2023, 19:16
Updated 09/02/2023, 19:24
© Reuters. FILE PHOTO-The logo of Enagas company is seen on top of their headquarters in Madrid, Spain, March 18, 2016. REUTERS/Andrea Comas

MADRID (Reuters) - Algeria regained its place as Spain's main supplier of natural gas in January, providing a quarter of monthly demand, gas grid operator Enagas said on Thursday.

While the North African country had accounted for the largest volumes of monthly gas shipments to Spain since Enagas records started in 2006, it fell to second place behind the United States in January 2022 following diplomatic spats with both Spain and Morocco.

The former Maghreb-Europe pipeline was shuttered in the fourth quarter of 2021 after clashes between Algiers and Rabat, while diplomatic tensions with Madrid flared when the Spanish government changed its position on Western Sahara, leading Algeria's Sonatrach to revise gas prices.

Sonatrach and Spanish power group Naturgy established a new price retroactively applicable for volumes supplied to the end of 2022 and also agreed to continue negotiating prices this year.

Algeria has said it will stick to contractual obligations to supply gas to Spain despite withdrawing its ambassador to Madrid in June 2022 over the Western Sahara, where Algeria backs an independence movement.

Enagas said 25%, or 8,545 GWh, of total gas deliveries to Spain in January of this year came from Algeria. Both countries are linked through the 757-kilometre (470-mile) submarine Medgaz pipeline.

The United States and Nigeria followed on the list of Spain's top suppliers at 20.7% and 20.2%, respectively, with all volumes shipped as liquefied natural gas.

Deliveries from Russia tripled year-on-year to 6,372 gigawatt hour (GWh) from 2,178 GWh. It was the highest volume since June, when Spain sourced 8,752 GWh from Russia.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.