Algeria and Italy sign an energy agreement

ROME: Italian Prime Minister Mario Draghi announced that Italy had struck an energy cooperation agreement with Algeria to reduce its reliance on Russian natural gas.

According to figures released by Draghi's office on Monday, Russia supplied Italy with 29 billion cubic metres of gas every year before the start of the Russia-Ukraine conflict, accounting for about  40% of the country's total usage.

As per reports, Algeria ranked second on the list, supplying 21 billion cubic metres per year through the Trans-Mediterranean pipeline. Algeria will contribute an additional nine billion cubic metres of gas under the terms of Monday's agreement, allowing Italy to lessen its reliance on Russian gas and propelling Algeria to the top of the gas supply chain.

The Italian Prime Minister told a press conference in Algiers after meeting with Algerian President Abdelmadjid Tebboune that the two governments inked a wide declaration of intent centred on bilateral cooperation on energy-related matters, as well as a commitment to export additional gas to Italy.

The agreement reached on Monday is "a substantial response" to Italy's strategic goal of reducing its reliance on Russian gas, according to Draghi, who added that "additional agreements will follow."  The gas agreement's technical parts will be handled by Eni, an Italian energy behemoth, and Sonatrach, an Algerian company.

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