Algerian Energy Minister Mohamed Arkab has called on Italian and European companies to increase investments in the energy sector in Algeria.
Speaking at an energy conference in Ravenna, Arkab said Algeria is engaged in talks to develop a southern European corridor for hydrogen.
For his part, CEO of the Algerian company Sonatrach Rachid Hachichi said Algeria is committed to supplying gas to Italy through the Italian energy group Eni, but investments are needed to meet demand.
Hachichi said at the conference that Algeria's natural gas production reached 100 billion cubic meters annually, and consumption is 45 billion cubic meters, making the rest available for export.
The CEO of the Italian company Eni, Claudio Descalzi, explained that Italy is not concerned about gas supplies despite the current crisis in the Middle East.
Descalzi added that the conflict in the Middle East does not impact gas supplies but its prices.
Gas prices in Europe have risen by more than 30 percent since Oct. 7, after the outbreak of the conflict between Israel and Gaza, but they declined on Monday evening, driven by expectations that moderate weather will prevail for the rest of October.
Benchmark futures moved slightly higher after falling 6.4 percent earlier on Monday.
The contracts are about 30 percent higher than before the Oct. 7 attack.
Traders are watching every headline on how the situation in the region develops amid risks that could impact fuel flows.
Demand remains below normal after last year's energy crisis forced companies and households to reduce usage.
On Monday, Arkab said that the Sonatrach Petroleum Corporation has plans for a project aimed at natural carbon storage with an investment estimated at $1 billion.
The minister added that the project includes planting 420 million trees over ten years.
Arkab said it was necessary to continue producing fossil energy, especially gas, according to strict rules to reduce its environmental impact, reduce emissions, and promote investment in new and renewable energy.
