- The Italian PM and Algerian President Abdelmadjid Tebboune signed 15 agreements and memorandums of understanding in areas ranging from energy to sustainable development, justice and micro-enterprises.
Europe is intensifying its efforts to secure alternative energy supplies, to reduce its dependence on Russia after the war in Ukraine sparked sanctions against Moscow. The 27-nation EU bloc apprehends that a complete Russian cut-off of natural gas that powers industry, generates electricity and heats homes in winter may happen. Nord Stream 1, a major pipeline between Russia and Germany was closed for maintenance last week and may not get restarted in retaliation for sanctions over the war.
Algeria is Africa’s biggest gas exporter and supplies 11 percent of the natural gas consumed in Europe. Italian Prime Minister Mario Draghi was in Algiers on July 18- 19 as part of the fourth Italy-Algeria intergovernmental summit. During his visit, the Italian PM and Algerian President Abdelmadjid Tebboune signed 15 agreements and memorandums of understanding in areas ranging from energy to sustainable development, justice and micro-enterprises.
These agreements are over and above the agreement signed by Sonatrach in April 2022 with ENI to supply four billion cubic metres of gas to Italy. During Draghi’s previous visit to Algiers in April, he concluded a deal to gradually increase deliveries through the Transmed pipeline by up to nine billion cubic metres per year in 2023-24.
The most important recent development is the agreement by energy companies including Italy’s Eni to invest $4bn in a site located in the perimeter of Berkine to produce one billion oil-equivalent barrels. Toufik Hakkar, chief executive officer of Algeria’s state oil and gas producer Sonatrach, informed the media that US energy firm Occidental and France’s Total Energies were also among the investors.
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