During the business summit between Algeria and Italy, over 15 deals were sealed by the two Countries. 

As Italy aims to make Algeria it’s biggest gas supplier instead of Russia, a contract on gas supply worth $4bn was concluded between the two countries. The contract will allow “the development of a site situated in the Berkine perimeter, and which should generate more than a billion barrels” of hydrocarbons. 

Italy imports roughly 38% of its gas from Russia and 28% from Algeria. The agreement between Italian energy giant Eni and Algeria’s Sonatrach forecasts nine billion additional cubic metres of gas via the TransMed pipeline.   

“Algeria has long been an important source of our energy. Italian Prime Minister Mario Draghi said, “The agreement signed on energy cooperation reflects our willingness to achieve even more in this sector.  

While Amene Benabderrahmane, his counterpart, stated that his nation would endeavor to “strengthen relationships and investments, particularly in the production sectors of oil, gas, and mining with Italy”  

The parties also signed agreements in the fields of justice, microenterprises, and sustainable development. All of this was facilitated by a new law on foreign investment that the Algerian government recently put into effect. 

Italy has increasingly turned to Algeria to lessen its reliance on Russia ever since the beginning of the crisis in Ukraine. With a contribution of about 11% of the natural gas used in Europe, Algeria is Africa’s largest gas exporter. 

 

 

 

 

 

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