Italy Founds Substitute For Russian Gas

Rome signed a gas contract with Libya for $8 billion.

Italy signed a gas contract with Libya for $8 billion aiming at the refusal of the Russian energy sources. This is the largest one-time investment in the energy sector of the North African country in more than two decades.

The Associated Press writes about it. Prime Minister Giorgia Meloni said during a visit to Libya that the cost also included the development of clean energy, in particular solar and carbon capture technology.

The CEO of the Italian state energy company ENI Claudio Descalzi and the Libyan National Oil Corporation in the presence of the Prime Minister signed the contract.

The $8 billion deal includes the development of two Libyan offshore gas fields. ENI said it will begin gas production in 2026 and is estimated to reach 21.2 million cubic meters per day.

The Italian Prime Minister called the deal "significant and historic" and said that it will help Europe secure its energy sources.

“Libya is undoubtedly a strategic economic partner for us,” Giorgia Meloni said.

Earlier, Giorgia Meloni visited Algeria, the main supplier of natural gas to Italy, where she signed several memorandums.