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Italy signed an $8 billion gasoline cope with Libya on Saturday as Italian Prime Minister Giorgia Meloni visited the North African nation for talks on power and migration.
Since Russian President Vladimir Putin’s invasion of Ukraine virtually a 12 months in the past, Italy and different European international locations have sought to interchange Russian gasoline with power provides from North Africa and different sources.
Saturday’s settlement was signed by Libya’s Nationwide Oil Corp. and Italy’s Eni. The 2 corporations mentioned they are going to make investments $8 billion in gasoline growth, in addition to in solar energy and carbon seize, Reuters reported.
The natural-gas deal between the 2 international locations is the biggest single funding in Libya’s power sector in additional than 20 years, the Related Press reported.
Eni Chief Government Claudio Descalzi has been a vocal backer of Europe turning to Africa to assist handle its power provide wants.
Earlier this week, Meloni visited Algeria, Italy’s predominant gasoline provider, the place Eni and Algerian state-owned power agency Sonatrach signed a brand new collaboration settlement geared toward shoring up power safety and boosting efforts to chop carbon emissions. Algeria final 12 months grew to become one among Italy’s high strategic companions after it changed Russia because the European nation’s largest power supplier.
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