Introduction

On 11 July, the EC Commission issued a press release announcing that the EU Commissioner for Competition and the Algerian Minister for Energy and Mines had reached a common understanding on destination clauses and profit sharing mechanisms in pipeline gas and LNG supply agreements with Sonatrach. The common understanding was summarised[1] in the press release as follows: territorial restrictions will be deleted from all existing contracts and such provisions will not be inserted in future contracts profit sharing mechanisms (PSMs) will only be ...