Abu Dhabi sovereign fund sells stake in Medgaz gas pipeline | Financial Times:
Naturgy, a Spanish utility, and Sonatrach, Algeria’s state-owned oil and gas company, have agreed to buy Abu Dhabi sovereign wealth fund Mubadala’s just over 42 per cent stake in the Medgaz gas pipeline between Algeria and Spain.
Naturgy will increase its stake in the strategic infrastructure by nearly 34 per cent for €445m, transforming it into a strategic shareholder, while the north African oil major also raised its equity position by 8 per cent.
The two companies will now entirely own the deepwater pipeline, in a special purpose vehicle with Sonatrach as the leading shareholder with a 51 per cent stake and Naturgy holding the remaining 49 per cent.
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