After almost five months of “tough negotiations”, Algerian state-oil firm Sonatrach and its key Spanish customer Naturgy on 8 October agreed to revise their gas contracts, avoiding arbitration.

The agreement, which spans three separate contracts, “reviews price, volume and duration provisions,” the two firms say. While details are scant, the deal is thought to apply to 87TWh (7.7 bcm/y) worth of oil-linked contracts that run to 2030. (CONTINUED - 139 WORDS)