EDP ​​ends partnership with Algerian oil company Sonatrach – Energia

EDP ​​and the Algerian oil company Sonatrach ended a partnership that had lasted for 14 years. The information was advanced by the Portuguese electricity company in a statement sent this Wednesday to the Portuguese Securities Market Commission (CMVM).

“EDP – Energias de Portugal, SA (“EDP”) and Société Nationale pour la Recherche, la Production, le Transport, la Transformation et la Commercialization des Hydrocarbures (“Sonatrach”) have agreed to terminate the partnership entered into in 2007 in a context of growth in the capacity of CCGTs in the Iberian market”, reads the note sent to the market.

The end of the partnership means that EDP takes full control of the Soto 4 natural gas combined cycle power plant in Spain, which has an installed capacity of 426MW. This is because Sonatrach held a 25% stake in the plant, which will be sold to EDP, and the two companies will end all commercial relationships that lasted since 2007. According to EDP, the transaction gives the electric utility “additional flexibility to manage the transition to the carbon neutrality with 100% of
production of electricity from renewable sources by 2030″.

In addition to the commercial partnership, Sonatrach is one of EDP’s key shareholders, in which it holds a 2.19% stake.

Source: Jornal de Negócios by www.jornaldenegocios.pt.

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