Italy covers close to 80% of lost Russian gas with alternative supply: Eni chief

Italy has secured alternative natural gas supplies to cover almost four-fifths of the volume it used to receive from Russia, Eni CEO Claudio Descalzi was quoted as saying by the Italian ANSA news agency on October 10.

The country found replacement supply amounting to half of lost Russian gas last year, and is on track to reach 100% replacement by 2024-2025, Descalzi said. Prices should become more stable once this is achieved, supported by long-term supply contracts, he said.

Italy pledged to eliminate Russian gas imports by mid-2024 after the conflict in Ukraine began in February 2022. Russia acted first, cutting the country off from supply in October last year.

Prior to the crisis, Italy met almost 40% of its gas demand with Russian supply.