Algeria near to signing major gas deal with two U.S. energy giants
Algeria is nearing a landmark agreement with Exxon Mobil and Chevron to develop its vast gas reserves, including shale, for
Italy and Algeria have signed 13 new agreements covering business, security, and migration during a meeting in Rome on Wednesday, according to Reuters.
“These agreements open up vast prospects for a strategic partnership that reflects the strength of our ties,” said Algerian President Abdelmadjid Tebboune.
Migration remains a major issue for Italy and other European nations. As part of the new agreements, Italy and Algeria will cooperate on search and rescue operations for migrants at sea.
The two countries also signed a deal to combat terrorism financing, alongside several business agreements.
Italian energy giant Eni signed an additional deal with Algeria’s state energy company Sonatrach, building on a $1.3 billion agreement signed earlier this month to explore and develop hydrocarbons in Algeria.
Sparkle, a submarine cable company, is set to sign a preliminary agreement with Algérie Telecom for a new undersea cable linking the two countries.
Algeria is Italy’s largest trading partner in Africa, with annual trade exceeding $16 billion, Italian Prime Minister Giorgia Meloni said. Since the start of the war in Ukraine, Algeria has become a crucial energy supplier for Italy, replacing gas imports once sourced from Russia’s Gazprom.
“Our bilateral relations have reached a level of strength and depth never seen before,” Meloni told reporters.
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