Algeria and Spain agree to review gas prices by 2022
The Algerian company Sonatrach and the Spanish energy group Naturgy revised gas prices for 2022, but postponed talks on prices for next year and the following, in a context of increasing demand and after a diplomatic standoff between the two countries. Sonatrach supplies some 5,000 million cubic meters of gas a year to Spain through contracts signed more than two decades ago and valid until 2030 with periodic price reviews. Naturgy said the companies had set a new price applicable retroactively for volumes supplied until the end of 2022, and had also agreed to continue negotiating prices applicable from next year. A Sonatrach statement said the companies had agreed to review prices without giving further details, but Algerian television Ennahar TV reported that Sonatrach CEO Tewfik Hakkar said the price review was part of a three-year contract. . "The contract has just been renewed for 2022, as currently high volatility and uncertainty around gas prices do not allow for great