Algeria will increase its gas exports to Italy as part of agreements signed between the two sides to strengthen energy cooperation, the Algerian presidency said on Tuesday.
Algerian energy giants — Sonatrach and its Italian counterpart Eni — on Monday, agreed to accelerate the pace of development of natural gas production projects and increase Algeria’s gas exports to Italy via the gas pipeline — Transmed.
The agreement also confirmed the close cooperation between the two companies in the field of renewable energy, such as solar energy, hydrogen, biofuels also the capture, storage and use of carbon dioxide.
Under the agreement, Italian company Eni will continue its investments and strengthen its presence in Algeria.
The commercial relationship between Sonatrach and Eni was established in 1977.
Sonatrach has supplied Italy during the last two decades with a total volume of more than 300 billion cubic meters of natural gas.
Foreign ministers of the two countries also signed a joint declaration strengthening cooperation in the energy field.
Italian Prime Minister Mario Draghi is currently on an official visit to Algeria to strengthen cooperation between the two countries.