France and Algeria are discussing a possible 50% increase in gas supplies from Algeria, BFMTV reported on Sunday. This should lower natural gas prices in France. 

“No agreement has yet been signed following Emmanuel Macron’s visit to Algeria, but discussions between (French energy and gas company) Engie and the Algerian authorities should start in the next few hours,” the channel reported.

BFMTV recalls that during his visit to Algeria, which ended on Saturday, the French president denied to reporters that he had arrived to negotiate the supply of Algerian gas to France. “France is little dependent on gas in its energy mix, it’s about 20 percent, and Algeria accounts for 8 to 9 percent of that part. We are not in a position where Algerian gas could make a difference,” Macron argued.

However, gas has been discussed, the TV channel concludes. “At the moment, we are talking about verbal agreements,” the media explains. Negotiations should start soon.

“The proportions (of supplies) have not yet been determined, plus 50% would be a realistic goal,” BFMTV quoted a government source as saying.

If you analyze the gas price in France chart, you can see that today we have a record price for this strategically important resource. Even though the energy sector was not, at least officially, the focus of the visit, Engie CEO Catherine Macgregorwas part of the French delegation and met with the Algerian Energy Minister and the Algerian state oil and gas company Sonatrach, the channel notes.

Earlier we reported that China began to receive Venezuela oil on the debts of the Chavez era, despite the sanctions.