November 30, 2022

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Business Lobby Sees 2% Hit on Italy’s GDP if Russia Stops Gas | Investing News

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MILAN (Reuters) – Italy’s enterprise foyer Confindustria forecasts an nearly 2% hit on the country’s gross domestic merchandise (GDP) on common per 12 months in 2022 and 2023 in circumstance of a stop of organic fuel imports from Russia in June, it claimed in a investigate be aware.

“A halt of fuel imports from Russia could have a incredibly powerful influence on the now weakened Italian economy,” Confindustria mentioned, including the unfavorable repercussions would arrive from a significant shortage of gasoline volumes for marketplace and services and an added enhance in strength prices.

Very last calendar year Russia was Italy’s most important supplier of organic gasoline, supplying 29 billion cubic metres or 40% of complete fuel imported by the place.

Following Russia’s invasion of Ukraine, the Italian government has been in search of choice vitality suppliers and its ministers have travelled to Africa and the Center East to secure new contracts.

As element of this effort, Italy’s power group Eni and Algeria’s Sonatrach on Thursday signed a deal to accelerate the growth of gas fields in Algeria and of environmentally friendly hydrogen.

This shift is envisioned to enhance the North African country’s gas exports to Italy by some 3 billion cubic meters (bcm) for each year.

(Reporting by Francesca Landini Editing by Raissa Kasolowsky)

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