Algeria's energy minister will seek more investment from European Union states and discuss the renewal of long-term gas supply contracts with EU members during talks this week in Brussels, according to the ministry.
Most of Algeria's long-term gas take or pay contracts with EU nations are due to end between 2018 and 2019. National oil and gas company, Sonatrach, has said it would no longer be seeking 20 or 25-year deals, but would instead be after 10-year to 15-year contracts.
Algeria’s Energy Ministry said Minister Nourredine Bouterfa would meet EU Energy commissioner Miguel Arias Canete this week to "facilitate and promote European investments in the sectors including natural gas, renewables and energy efficiency." Reuters reported another source saying the contracts would also be on the agenda.
Algerian gas exports are expected to reach 57 bcm in 2017, up from 54 bcm in 2016, according to Sonatrach. In 2016, Algeria met 55% of Spain's gas needs, 16% of Italy's and 15% of Portugal's, making it a critical supplier to southern Europe, especially with output from Libya affected by domestic unrest.