Spanish, Algerian media scrutinize Emirati bid for Naturgy, citing «Moroccan influence»

A proposed takeover of Spanish energy company Naturgy by Emirati firm TAQA, controlled by Abu Dhabi, is sparking anxiety in both Spain and Algeria, as reflected in media coverage across both countries.

Spanish outlets like El Confidencial Digital (ECD) warn of a supposed «Moroccan maneuver» to gain control of Algerian gas through Naturgy. They link Spain's backing of Morocco's Western Sahara plan to the Emirati bid, suggesting it could further strain relations between Spain and Algeria. El Confidencial highlights the already strained ties between the UAE and Algeria due to Abu Dhabi's recognition of Moroccan sovereignty over the Sahara.

Naturgy controls half of the Medgaz pipeline, directly supplying Algerian gas to Spain. The other half belongs to Algeria's Sonatrach group, which also holds a minority stake in Naturgy itself. Other shareholders include Spanish company Criteria Caixa (27%), Australian fund IFM (15%), British fund CVC (20.7%), and US fund GIP (20.6%).

Algerian media cite «Moroccan influence»

In Algeria, media outlets see TAQA's proposed takeover as a «blatant Moroccan-Emirati maneuver» designed to seize Naturgy. «Its aim is to bypass Algeria's warnings to Madrid and supply the Kingdom with Algerian gas after the takeover of the Spanish giant», says Echoroukonline.

In April 2022, the Algerian Minister of Energy warned that «any shipment of Algerian natural gas delivered to Spain to a destination other than that stipulated in the contracts will be considered a breach of contract and could therefore result in the termination of the contract between Sonatrach and its Spanish customers».

For its part, La Patrie news reported on the TAQA group's planned takeover bid, in an article accompanied by a photo of King Mohammed VI and the President of the United Arab Emirates, Sheikh Mohammed Ben Zayed. The same source described Spain as «an ally of Morocco».

The Spanish government, however, is taking a cautious approach. First Vice-President of government María Jesús Montero expressed hope for participation from other investors, while Economy Minister Carlos Cuerpo stressed the importance of safeguarding Spain's strategic interests.

This follows Algerian President Abdelmadjid Tebboune's public criticism of the UAE in late March, accusing them of regional interference. In an interview with local media, he accused Abu Dhabi, without mentioning it by name, of financing zones of tension such as Mali, Libya and Sudan, and of «sinning out of pride».

The UAE called the accusations «slanderous» and vowed diplomatic silence. «It is strange that a brotherly country should make such slanderous insinuations about the Emirates. We will not respond and will remain patient in the face of insults, in accordance with the diplomatic and political wisdom intended by our leader», retorted Anwar Gargash, former UAE Minister of Foreign Affairs and today diplomatic advisor to President Sheikh Mohammed Ben Zayed.