July 3, 2022

Y M L P-298

It Must Be Business

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

1 min read

MILAN (Reuters) – Italy’s enterprise foyer Confindustria forecasts an almost 2% hit on the country’s gross domestic merchandise (GDP) on ordinary for each yr in 2022 and 2023 in scenario of a stop of organic fuel imports from Russia in June, it mentioned in a investigation observe.

“A halt of fuel imports from Russia could have a really sturdy influence on the already weakened Italian economic climate,” Confindustria mentioned, introducing the unfavorable effects would arrive from a significant scarcity of fuel volumes for sector and companies and an extra improve in electricity expenses.

Final 12 months Russia was Italy’s biggest provider of all-natural fuel, delivering 29 billion cubic metres or 40% of overall gasoline imported by the place.

Adhering to Russia’s invasion of Ukraine, the Italian federal government has been seeking substitute power suppliers and its ministers have travelled to Africa and the Middle East to protected new contracts.

As aspect of this work, Italy’s energy group Eni and Algeria’s Sonatrach on Thursday signed a deal to accelerate the growth of gasoline fields in Algeria and of inexperienced hydrogen.

This move is predicted to strengthen the North African country’s gasoline exports to Italy by some 3 billion cubic meters (bcm) for every year.

(Reporting by Francesca Landini Editing by Raissa Kasolowsky)

Copyright 2022 Thomson Reuters.

ymlp298.net © All rights reserved. | Newsphere by AF themes.