• Thursday, June 20, 2024
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Case Study: Italy, Algeria agree deal to cut Russian gas dependence

Case Study: Italy, Algeria agree deal to cut Russian gas dependence

Italy and Algeria have signed a declaration of intent on bilateral energy cooperation that could see Italy depend less on Russian gas, which currently accounts for 40 percent of its supply.

Mario Draghi, Prime Minister of Italy, at a meeting in Algiers, said: “In addition to this, an agreement has been signed between Eni, an Italian multinational oil and gas company and Sonatrach, a national state-owned oil company of Algeria to increase gas exports to Italy.”

The minister added, “Immediately after the invasion of Ukraine, I announced that Italy would move fast to reduce its dependence on Russian gas.

Read also: Natural gas price rises as Russia cuts supply to Bulgaria, Poland

“Today’s agreements are a significant response to this strategic objective, and others will follow. The government is working to defend citizens and businesses against the consequences of the conflict.

“Today’s meeting will be followed by the fourth Intergovernmental Summit, which, I am pleased to announce, will be held here in Algiers on 18 and 19 July before the Intergovernmental Summit; it will be my great pleasure to meet again with President Tebboune, President of Algeria during his state visit to Italy at the end of May.”