Energy major Eni and Algeria's state-run Sonatrach have signed an accord to renew a contract to supply natural gas to Italy, consolidating long-term ties between the two companies, Eni said in a statement on Thursday.
Eni's chief executive officer Claudio Descalzi and Sonatrach CEO Rachid Hachichi inked the accord "to confirm their willingness to come soon to the renewal of the gas supply contract and the transportation arrangements through the pipeline crossing the Mediterranean for the forthcoming years," said the statement.
"This memorandum of understanding represents a further step towards the strengthening of the long term relationship between the two companies," the statement added.
Eni's current contract with Sonatrach runs until the end of this year.
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