France closing in on natural gas deal with Algeria

French multinational Engie SA is close to an agreement with Algeria for an increase in imports of natural gas, according to Bloomberg. 

A deal could raise the delivery of Algerian natural gas by around 50 percent.

🇩🇿🇫🇷| La directrice générale du groupe #Engie, Catherine MacGregor, a rencontré le ministre de l'#Énergie et des Mines ainsi que le PDG du groupe #Sonatrach. Les discussions ont porté sur les moyens de renforcer la coopération énergétique entre la #France et l'#Algérie. pic.twitter.com/WwjzqnuBZ0

— The Algerian Post (@TheAlgiersPost) August 26, 2022

The news comes after a visit by French President Emmanuel Macron to Algiers where he met his Algerian counterpart Abdelmadjid Tebboune and vowed to “build a new pact” with the north African country. 

An Engie spokesperson has confirmed that talks are ongoing, but did not comment on the nature or timing of any new agreement. 

French President Emmanuel Macron has concluded his three-day visit to Algeria with a "new pact", aimed at healing ties with the country https://t.co/jD3qsGnCVI

— The New Arab (@The_NewArab) August 27, 2022

French government spokesperson Olivier Veran said on Sunday that “diplomatic negotiations are ongoing,” and added that a formal announcement could come soon. 

Algeria is Europe’s third biggest gas supplied after Russia and Norway. It has recently discovered new reservoirs, and signed an energy deal with Italy in July this year.