Italian oil major, Eni reports that it is strengthening its relationship with Algeria’s Sonatrach Petroleum Corporation. In the process, gas supply from the country to Europe until 2027 was agreed on.
Eni already has a series of exploration and production assets in Algeria, but this agreement with Sonatrach also includes an option to extend the contract deadline by a further two years.
This new agreement covers almost 15% of gas imported into Italy according to the CEO, Claudio Descalzi. The populist 5-Star Movement, which is part of Italy’s ruling coalition with the right-wing League party, is keen to phase out fossil fuels in favour of more renewables.