Algerian President Abdelmadjid Tebboune has suggested that his nation could sell its spare electricity capacity to Europe, and is also planning the construction of a 270 km undersea pipe which would connect Algeria with Italy, according to the media.
The Maghreb country is also aiming to nearly double its gas exports to approximately 100 billion cubic meters from this year's figure of 56 billion cubic meters.
In late October, Algeria's state petroleum company Sonatrach revealed that it had signed contracts worth a total of $600 million with Italian firms. The deals concern the production and transport of liquefied petroleum gas (LPG).
Sonatrach declared that an LPG plant is planned to be completed in three years in accordance with a $400 million deal with Italian firm Tecnimont. The expected output of the plant is "10 million standard cubic meters per day of associated gas coming from the existing facilities."
The EU sees Algerian gas as an alternative to imports from Russia. Tebboune said his state would further develop ties with Europe, as well as other regions of the world. He also expressed hope that Algeria would join BRICS the next year, noting that China, Russia and South Africa support the North African country's accession.
"I hope that the year 2023 will culminate in our joining the BRICS group, but this requires us to continue investment and human development, increase the volume of exports and raise the annual gross domestic product to $200 billion," the president said.
Algeria officially applied to join BRICS in November. According to Russian Deputy Foreign Minister Mikhail Bogdanov, Moscow welcomes Algeria's aim to become part of the bloc.