Middle East Economic Survey

VOL. LI

No 27

7-July-2008

ALGERIA

Iberdrola Acquires 22.6% Stake In Petroceltic, Strengthens Presence In Algerian Gas Sector

Spanish utility Iberdrola has bought a 22.6% interest in Petroceltic for $55mn, with the intention of developing the Dublin-based exploration and production companys Algerian assets. Petroceltic, which made the announcement on 30 June, owns a 75% stake in the Isarene permit in southeast Algeria where it has made a number of gas/condensate...