2023-24. Naturgy In June 2018, Naturgy signed an agreement with Sonatrach covering 30% of Spain's natural gas imports by pipeline. Sonatrach holds a 4% stake in the shares for the Spanish natural gas distribution company. In 2019, the two companies took over joint control of Medgaz, with Sonatrach holding 51% stake and Naturgy the remaining 49%. Renegotiations of the supply agreement were made in 2020, in order to revise the prices, volume and duration. Algerian Hydrocarbon Sector Hydrocarbons play a crucial role in Algeria's economy, accounting for roughly 60% of budget revenues and over 95% of export earnings. The country ranks fourteenth in petroleum reserves, containing of proven oil reserves with estimates suggesting that the actual amount is even more. The U.S. Energy Information Administration reported that in 2005, Algeria had 160 trillion cubic feet (Tcf) of proven natural gas reserves, the eighth largest in the world. As a result, Sonatrach is very important politically. Most Energy Ministers of Algeria have come from a Sonatrach background. Corruption scandals Sonatrach suspended all of its senior management after two of the company's vice-presidents were imprisoned for corruption. Algeria's Energy Minister, Chakib Khelil announced the president of the company and several executives have been placed under judicial supervision. In 2013, Khelil was also accused of receiving a bribe from a subsidiary of the Italian energy company Eni. In May 2020, an arrest warrant was issued against a representative of Sonatrach in Lebanon, as part of a greater operation against embezzlement of public funds in contribution with Lebanese officials. Abdelmoumen Ould Kaddour, who was chief executive of Sonatrach from March 2017 to April 2019, was arrested in February 2021, and in August of that year he was extradited from the United Arab Emirates, all related to his alleged involvement in various corruption cases. In February 2022, ex-energy minister Chakib Khelil was sentenced in absentia to 20 years in prison for corruption. Mohamed Meziane, CEO of Sonatrach from 2003 to 2010, was fined () and sentenced to 5 years in prison. Presidents Sid Ahmed Ghozali (1966–1977) Yousef Yousfi (1985–1988) Sadek Boussena (1988–1990) Abdelhak Bouhafs (1990–1995) Nazim Zouioueche (March 1999 – 2000) Chakib Khelil (March 2001 – 2003) Mohamed Meziane (September 2003 – 2010) Nordine Cherouati (May 2010 – December 2011) Abdelhamid Zerguine (December 2011 – July 2014) Said Sahnoune (July 2014 – June 2015) Amine Mazouzi (June 2015 – March 2017) Abdelmoumen Ould Kaddour (March