The national state-owned oil company of Algeria SONATRACH and its electricity and natural gas distribution company, SONELGAZ signed, today, a Memorandum of Understanding (MoU) with the Italian company ENI S.P. according to a joint press release by the two companies.
The release emphasized that “This Memorandum will allow SONATRACH, SONELGAZ and ENI S.P.A to carry out jointly feasibility studies for a power interconnection project between the Algerian and Italian electrical networks via the realization of a submarine cable with a view to exchange or Supply electricity to the Italian and the European market.”
“This highly strategic project will be a premiere and will permit to create an energy hub linking Algeria to Europe.” The statement added.
“This MoU, signed today, strengthens the existing cooperation between SONATRACH and ENI within the framework of the strategic memoranda of intention signed on 23rd January 2023 in Algiers, aiming to outline future common projects relating to energy supply, energy transition and decarbonization.” the release stated.
The signing of this MoU asserts Algeria’s ambitions to reinforce its position as a major energy supplier to Europe including electricity. According to the press release.
