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"Our intention is not to cancel them but substitute them with different contracts which are not oil-linked anymore," Chief Executive Francesco Starace said during a strategy presentation.
European gas importers have significantly diluted oil-indexation levels in their gas supply deals after incurring heavy losses when oil prices were high.
Starace said more long-term gas supply deals signed 20-25 years ago will come up for renegotiation over the next five years.
He declined to disclose the size and value of the Algerian contracts under review.