Italy, Albania and United Arab Emirates have signed a deal on Wednesday worth at least one billion euros ($1billion) for the construction of a subsea energy interconnection across the Adriatic Sea.

"We believe strongly in this project, which involves our three governments as well as the private sector and grid operators," Italian PM Giorgia meloni stated when she announced the agreement at the World Future Energy Summit held in Abu Dhabi.

Albanian Prime Minister Edi RAMa announced that the three-way partnership will include Italian grid operator Terna, and UAE's National Energy Company Taqa.

The Albanian Premier added that infrastructure would link the Albanian Port of Vlore with the southern Italian Region of Puglia. This was the narrowest point in between the two countries. It is expected to be operational by the end of the next three years.

(source: Reuters)