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Italy's Eni agrees to extend Algeria gas contract to at least 2027

Published 16/05/2019, 13:22
Italy's Eni agrees to extend Algeria gas contract to at least 2027
ENI
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MILAN, May 16 (Reuters) - Italian oil and gas group Eni
ENI.MI said on Thursday it had strengthened its ties with
Algeria's Sonatrach by renewing a contract to import Algerian
gas into Italy until 2027.
Eni, which has a series of exploration and production assets
in Algeria, said the agreement with Sonatrach also included an
option to extend the contract deadline by a further two years.
The agreement covers almost 15% of gas imported into Italy,
Eni said.
"I am particularly pleased with the renewal of the gas
supply contract and the level of the strategic partnership with
Sonatrach," said Eni CEO Claudio Descalzi.
Italy, which imports around 90 percent of its needs, has key
gas contracts with Russia, Libya, Algeria and Holland.
It will also import Azeri gas when work on the Trans
Adriatic Pipeline is complete.
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 renewable energy.

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