Sonatrach issued the following announcement on May 16.

As part of the implementation of the Memorandum of Understanding signed in Algiers on 25 April 2019 between SONATRACH and ENI, the parties confirmed on May 16, 2019 their respective will to continue their long-term cooperation and partnership in the field. of the exploitation of hydrocarbons, and particularly, to renew the natural gas sale / purchase contract for the Italian market and the partnership agreement for the transport of natural gas via the Algeria-Tunisia-Italy gas pipeline beyond October 1, 2019.

To this end, the Chairman and Chief Executive Officer of SONATRACH Mr. Hachichi and the Managing Director of ENI Mr. Descalzi have signed two agreements:

- The first relates to the renewal of the long-term natural gas sales / purchase contract. term intended for the Italian market; and

- The second deals with the new conditions for the continuation of the TMPC transport system operation partnership.

Thus SONATRACH and ENI have reached an agreement to extend the duration of the natural gas sales and purchase contract signed in 1977 by 10 years. This agreement will allow SONATRACH to consolidate its position on the Italian market and to remain one of the main natural gas suppliers in this market. It also allows it to strengthen its historical relationship with one of its major customers and major player in the global energy scene.

SONATRACH and ENI continue their long-term cooperation and partnership in the field of hydrocarbon exploitation.

Original source: https://sonatrach.com/presse/sonatrach-et-eni-poursuivent-leur-cooperation-et-partenariat-de-long-terme-dans-le-domaine-de-lexploitation-des-hydrocarbures