Mr Juan Antonio Vera GM and Mr Cherif Bouhank deputy GM of MEDGAZ provided detailed insight into their future plans for both the company and the countries within which it operates.

MEDGAZ is a consortium of five international companies consisting of SONATRACH, CEPSA, IBERDROLA, ENDESA and GDF SUEZ. Each company has an extensive and successful track record in the gas business and are known for their technical expertise and financial strength.

A significant project completed by the consortium is the MEDGAZ pipeline. This pipeline provides easy exports of Natural Gas from Algeria to Europe's number two, LNG importer, Spain.

Mr Juan Antonio Vera GM of MEDGAZ said that "Spain is currently quite affected by the global economic crisis. Both LNG and Natural Gas imports are currently being affected downwards with regards to past estimates."

The economic crisis in Spain caused gas demand to fall by 3.3% in the H1 of 2011. In order to avoid having excess supply, Spain re exports LNG to Asia as the continent's demand keeps rising after the March earthquake in Japan.

Mr Cherif Bouhank deputy GM of MEDGAZ said that "Both governments really helped MEDGAZ. All complex and new issues presented around MEDGAZ were always discussed in this clear context with the clear target of achieving the project, making discussions not only interesting but also very constructive."

Mr Vera said that "MEDGAZ has made a great effort to promote the local employment both in Spain and Algeria. In Algeria, the total number of people employed during construction surpassed 1,000 people. During the current operational phase, MEDGAZ keeps its main technical installations in Algeria contributing to the industrial development of the Wilaya of Ain Temouchent, west of Algeria. With direct labor of approximately 80 individuals combined with indirect labour, MEDGAZ generates 200 permanent jobs in the region. More than 90% of the personnel come from Wilaya."