Petroleum Africa
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Wednesday, April 12, 2017
Nourredine Bouterfa, Algeria’s energy minister, is meeting with EU members this week to discuss the renewal of long-term gas supply contracts. The Algerian minister is also seeking increased investment from EU countries in its energy sector.
The majority of natural gas produced by Algeria is consumed by European countries, however most of the contracts between Algeria and EU member countries are due to expire between 2018 and 2019. New contracts will need to be negotiated, although Sonatrach is reworking the term length of the supply contracts. Earlier this year the state-run firm said that it would seek to shorten the contracts to 10 to 15 years, as opposed to the current 20-25 year terms.
Bouterfa will meet with EU Energy commissioner Miguel Arias Canete to “facilitate and promote European investments in the sectors including natural gas, renewables and energy efficiency,” the Ministry said.
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