Spain and Algeria agreed to strengthen their energy partnership, Spanish Foreign Minister Jose Manuel Albares said this Thursday after meeting Algerian President ‌Abdelmadjid Tebboune in Algiers.

Algeria is “a stable and reliable” supplier of gas, Albares said, without saying whether Algeria had agreed to increase its supply of gas to Spain.

The Iran conflict has upended energy markets and increased volatility, leading some to look ⁠elsewhere for their gas. Spanish power utility Naturgy Chief Executive Officer Francisco Reynes said this week the company wanted to strengthen its relationship with its Algerian supplier and shareholder Sonatrach.

Naturgy has gas contracts with the Algerian state oil and gas company for about 5 billion cubic metres per year, according to figures the Spanish company gave to the market in 2022.

Algerian gas made up ‌more ⁠than 29% of Spain’s total gas imports in the first two months of the year, according to data from Spanish gas grid operator Enagas.

It comes via the Medgaz pipeline, in which Naturgy is a ⁠minority partner and Sonatrach holds a 51% stake. Sonatrach also has a stake of about 4% in Naturgy.

Other countries are also asking Algeria for ⁠more gas in the face of disruption caused by the conflict in the Middle East.

Italian Prime Minister Giorgia Meloni said ⁠she hoped Algeria would send more gas to her country during a visit to Algiers this week.

–Reuters–