ENI SIGNS GAS AGREEMENT WITH ALGERIA’S SONATRACH

Eni has signed a Memorandum of Understanding (MoU) with Algeria’s Sonatrach to renew a contract to supply natural gas to Italy.

“This MoU represents a further step towards the strengthening of the long term relationship between the two companies and set the basis of a new contractual framework taking into account the changes in the market conditions,” Eni said in a statement.

The agreement includes transportation arrangements through the pipeline crossing the Mediterranean Sea for the forthcoming years. Eni CEO Claudio Descalzi and Sonatrach’s CEO Rachid Hachichi signed the MoU that will extend the current contract, which runs until the end of 2019.