As Italy grapples with soaring energy costs—the highest in two years—the nation is seeking additional energy supplies to bolster its energy reserves. Confindustria President Emanuele Orsini emphasized the importance of this initiative during a meeting with Argentine President Javier Milei in Buenos Aires. Orsini described the discussion as fruitful, noting the shared economic challenges faced by both Italy and Argentina.
Orsini underscored the urgency of securing new energy sources to maintain the competitiveness of Italian companies. “We need to buy energy,” he stated, pointing to the potential for increased energy trade between Italy and Argentina. This growing need for energy is a response to the ongoing pressure of high costs on Italy’s domestic market.
The conversation between Orsini and Milei also delved into Argentina’s Vaca Muerta shale formation, which holds promise for substantial oil and gas production. This resource could serve as a vital export avenue, supplying Italy with much-needed energy. By tapping into Vaca Muerta, Italy could diversify its energy sources and reduce its reliance on more costly options.
Beyond energy, the talks explored broader trade opportunities that could strengthen economic ties between the two countries. Orsini noted that the Argentine market currently accounts for approximately $1.2 billion for Italian businesses, with the potential to expand to around $7 billion in the coming years. This growth would be facilitated by enhanced supply chains and trade links.