Algeria and Italy Reach $4bn Gas Deal

Algeria and Italy have agreed on a deal worth $4bn and will see the North African country provide large quantities of natural gas.

Algerian President, Abdelmadjid Teboune made the announcement on Monday.

The deal is expected to be signed on Tuesday between US firm Occidental Petroleum, Italian energy giant, Eni and French company, Total. 

Teboune and Italian Prime Minister, Mario Draghi revealed details of the deal in a joint press conference held in Algiers.

Italy is winning to reduce its dependence on Russian natural gas after its invasion of neighbouring Ukraine.

The leaders met in Algiers on the fourth edition of the Italy-Algerian summit, a partnership Rome describes as privileged.

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Algeria has been Italy’s main source of gas since the Russian tension, and has supplied at least 14 billion cubic meters to the European nation since the invasion of Ukraine.

Algiers will add a further 4 billion cubic meters of natural gas to its supplies to Italy in what’s considered an acceleration of the reached arrangement.

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