Algeria Set To Increase Natural Gas Exports To Italy By 50 Percent

Algeria intends to increase its natural gas exports to Italy by 50 percent.

Bloomberg reported that the agreement is non-public and stipulates that Algeria will increase its exports to Italy by 9 to 10 billion cubic meters per year by the end of 2022.

It added that Italy received about 21 billion cubic meters of gas from Algeria in 2021, compared to about 29 billion cubic meters from Russia.

Italian Prime Minister, Mario Draghi is scheduled to meet President Abdelmadjid Tebboune and sign the deal.

The agreement includes increasing the Italian imports of Algerian gas, and joint investments in renewable energy sources.

Bloomberg said, "Italy, which relies on Russian imports for about 40% of its gas consumption, is seeking alternative supplies as European Union leaders consider taking a harsher stance against alleged Russian atrocities in the Ukraine war."

Algeria supplies Europe with natural gas through 3 pipelines that cross the Mediterranean Sea to Italy and Spain, starting from the huge Hassi R'Mel fields south of the country.