Algeria, Italy renew gas contract for ten years

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ALGIERS-The national hydrocarbons group Sonatrach, on Wednesday, sealed an agreement with Italian energy group ENEL on the renewal of their natural gas sales/purchase contract for a period of ten (10) years.

Both officials agreed, on May 16, to the renewal of contracts for the supply of Algerian gas to Italy for ten years from 2020 onwards, and in quantities set at about 10 billion cubic meters annually (between 9 and 10 billion).

The signing ceremony was preceded by a visit by Eni’s CEO, Claudio Descalesi, to Algeria on April 23, which resulted in the signing of a Memorandum of Understanding (MoU) to prepare for the renewal of gas export contracts with Italy.

Present at the signing ceremony, Sonatrach’s CEO, Rachid Hachichi, said the signing of the agreement is “the result of the efforts of Sonatrach, which has been devoting a lot of energy and resources for the renewal of its long-term gas contracts “.

He added that this signature is also an acknowledgment of Sonatrach’s role as a “reliable” supplier of gas to Southern Europe.

For his part, Mr. Machetti considered that the signing of this new contract is “a continuity of history that began in 1991, almost 30 years of relations between Sonatrach and ENEL”.

 

APS

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