LOC23:01
20:01 GMT
ALGIERS, Nov 25 (KUNA) -- Algerian state-owned energy giant Sonatrach has hammered an agreement with the Italian peer Eni to supply Italy with 10 billion cubic meters of natural gas annually.
In a press statement, Sonatrach said that the deal was signed in Italy by its President and CEO of Sonatrach, Amine Mazouzi, and the CEO of Eni, Claudio Descalzi.
As per the deal, Sonatrach would export 10 billion cubic meters of natural gas, nearly 16 percent of the Italy's gas demand, to Eni through the 2,475km-long trans-Mediterranean (Transmed) natural gas pipeline which transport natural gas from Algeria to Italy via Tunisia and Sicily.
They also reached an agreement that strengthens the long-term cooperation between the two companies in the upstream sector and on gas supply contracts, as well as extending the partnership to new segments of the energy sector.
Eni has been present in Algeria since 1981 and now participates in 32 mining permits.
Between 2010 and 2015, Eni invested in the development of hydrocarbons in the country approximately USD 11.5 billion, about 26 percent of the overall investments made by the international companies in Algeria, thus making Eni the first foreign partner. Eni's equity production in Algeria is more than 100,000 barrels of oil equivalent per day. (end)
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