Italian energy company ENI ponders a cancellation of long-term gas contracts with Algeria, Russia, and Norway due to suffered losses of hundreds of millions of Euros, and the impasse at the Turkish Stream gas pipeline, Reuters, quoting company’s CEO, Claudio Descalzi, reported.

The news comes a few months after Italy had doubled natural gas imports from Algeria, as Bloomberg informed, and a month after ENI had held talks with Algeria about plans for mutual cooperation in renewable energy development in the future, UPI informed.

In addition, ENI is the second largest oil producer in Algeria with 32 mining contracts amounting to 100,000boe/d, according to an ENI‘s earlier statement.