Italy seeks more gas from Angola

Italy is planning to purchase additional gas from Angola and Congo Republic in a bid to reduce its dependence on Russia amid Ukraine crisis, Reuters quoted Foreign Minister Luigi Di Maio as saying.

The latest move comes as the country seeks alternative gas sources from countries including Algeria and Qatar to meet its demand.

Di Maio was cited by the news agency as saying to state-owned television RAI in an interview: “Algeria, Qatar, Congo and Angola, have given their availability to increase the quantities of gas.

“In two months, we will be able to halve Italy’s dependence on Russian gas and in winter we will be able to do even better. We will no longer be dependent on Russia.”

Italy imports over 90% of its gas needs from Russia, which has been hit with sanctions following in invasion of Ukraine.

In a separate development, Russia has urged India to boost investments in its oil and gas sector, reported Reuters.

The investment would help Russia, which is facing economic crisis due to Wester sanctions, in expanding the sales networks for its energy companies in India.

Russian Deputy Prime Minister Alexander Novak was cited the news agency as saying in a statement shared by Russia’s embassy in India: “Russia’s oil and petroleum product exports to India have approached $1bn, and there are clear opportunities to increase this figure.”

Novak told Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri: “We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India.”

Currently, Indian state-run companies own stakes in Russian oil and gas fields. Russian entities including Rosneft hold majority stake in Indian refiner Nayara Energy.