Sonatrach Ends Deal That Threatens Europe Gas Prices

State controlled natural gas companies Sonatrach in Algeria and OAO Gazprom in Russia – two of Europe’s biggest suppliers of gas - have let a gas cooperation pact lapse that originally threatened European gas prices, according to news reports today.

Forbes.com says Sonatrach CEO Mohamed Meziane was quoted in an interview saying a memorandum of understanding between the two companies in August last year failed after providing "nothing concrete".

It was originally feared the union could see both players join forces to hike gas prices as the companies worked to sew up the European natural gas market.

By staff writer