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Business Maverick: Italy Snaps Up Angolan Gas After Deals for North African Supply

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Italy struck a deal to boost natural gas imports from Angola as Mario Draghi’s government rushes to cut energy dependence on Russia.

The agreement will increase Italy’s gas purchases from the southern African nation and facilitate joint energy projects that will also involve renewables and liquified natural gas, according to a statement.

“We are delivering on our commitment to diversify energy sources,” Italian Foreign Minister Luigi Di Maio said on Wednesday. The delegation’s next stop is the Republic of Congo, where Italian energy giant Eni SpA may announce another import agreement, people familiar with the matter said last week. That could be followed by a trip to Mozambique, though plans haven’t yet been confirmed, according to people familiar with the matter.

Italy currently gets about 40% of its gas from Russia, and Draghi has acted quickly to try to replace that supply with flows from elsewhere since President Vladimir Putin invaded Ukraine in February.

 

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