Italy signs $8 billion gas deal with Libya – POLITICO

Italy signed an $8 billion gas deal with Libya on Saturday as Italian Prime Minister Giorgia Meloni visited the North African country for talks on energy and migration.

Since Russian President Vladimir Putin’s invasion of Ukraine nearly a year ago, Italy and other European countries have sought to replace Russian gas with energy supplies from North Africa. and other sources.

Saturday’s deal was signed by the National Oil Corp. from Libya and Eni from Italy. The two companies said they would invest $8 billion in gas development, as well as solar power and carbon capture, Reuters reported.

The natural gas deal between the two countries is the biggest single investment in Libya’s energy sector in more than two decades, the Associated Press reported.

Eni chief executive Claudio Descalzi has been a strong supporter of Europe looking to Africa to help meet its energy supply needs.

Earlier this week, Meloni traveled to Algeria, Italy’s main gas supplier, where Eni and Algeria’s state-owned energy company Sonatrach signed a new collaboration agreement aimed at bolstering energy security and boosting efforts. reduction of carbon emissions. Algeria became one of Italy’s main strategic partners last year after replacing Russia as the European country’s top energy supplier.