A natural-gas cooperation pact between Algeria’s Sonatrach energy group and Russia’s gazprom has lapsed and will not be renewed for the time being as a result of diverging views on strategy adopted, of late, by the two sides
In remarks made to the press in Algiers, Sonatrach’s CEO Mohamed Meziane said that a 2006 memorandum of understanding, Sonatrach signed with Russia's Gazprom OAO, had resulted in "nothing concrete" and ended a few months ago.
The lapse of the pact could calm fears in Europe that two of its largest natural gas suppliers could collaborate to drive prices higher.
In the interview, Mohamed Meziane was quoted as saying that the agreement was not about manipulating prices stressing that Sonatrach had opted to shift its LNG strategy in view of the latest developments notably on the European market.
Instead, he told reporters he had hoped the accord would lead to bilateral cooperation on liquefied natural gas.
Representatives from Gazprom in Moscow later confirmed the termination of the Algerian-Russian natural gas cooperation pact saying the two sides have, now, differing approaches on the matter.
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