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Algeria is set to boost its natural gas exports to Italy by almost 50% with a new deal due to be signed Monday, people familiar with the matter said.
The export boost will probably lead Algeria to replace Russia as Italy’s largest natural gas supplier.
The north African country will boost its exports to Italy by 9 to 10 billion cubic meters per year by as early as the end of 2022, the people said, asking not to be named because the agreement isn’t public.
Italy received around 21 billion cubic meters of gas from Algeria in 2021, compared to around 29 billion cubic meters from Russia.
A spokesman for Italy’s government declined to comment.
The deal is due to be signed Monday, on the occasion of Italian Prime Minister Mario Draghi’s visit to Algiers, where he is due to meet President Abdelmadjid Tebboune. The agreement includes increasing gas imports from Algeria and joint investments in renewables, Bloomberg reported Friday.
Italy, which relies on Russian imports for about 40% of its gas consumption, is seeking alternative supplies as European Union leaders consider taking a harsher stance against alleged Russian atrocities in the Ukraine war. Italy has said it would support a ban on Russian gas if the EU is united behind such a move.
