Italy to Buy More Algerian Gas in Bid to Cut Russia Reliance
- Draghi met Algerian president Monday as he looks for supplies
- Sonatrach to boost exports by up to 9 bcm annually by 2023-24
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Italy will boost natural gas imports from Algeria as the European country seeks to reduce its dependence on Russian energy following the invasion of Ukraine.
Eni SpA agreed to buy additional volumes from this year, rising to as much as 9 billion cubic meters extra annually in 2023-24, from Algeria’s state energy firm Sonatrach. Italian Prime Minister Mario Draghi is visiting the North African country, which was Italy second-biggest gas provider last year, as he seeks to find alternatives to Russian gas that makes up about 40% of the country’s needs.