EURACTIV.com Est. 2min 08-07-2013 algeria-flag.jpg Euractiv is part of the Trust Project >>> Languages: FrançaisPrint Email Facebook Twitter LinkedIn WhatsApp Telegram Algeria and the European Union signed a draft agreement on closer energy cooperation yesterday (7 July) during an official visit by European Commission President José Manuel Barroso. The EU executive said the memorandum of understanding would set up a framework for the EU and Algeria to work together on gas and oil. He called energy “a priority area” of the Euro-Mediterranean partnership (see background). “In this context, Algeria is a key partner for the EU, both at the bilateral and regional levels. Natural gas is a strategic issue for both parties: Algeria is a major supplier to Europe, while Europe is by far the largest customer of Algeria,” Barroso said in a statement. The EU is keen to diversify its energy supplies. It already imports natural gas from Algeria. However, efforts to tap Algeria’s solar energy potential appear to have faltered. >> Read: Desertec abandons Sahara solar power export dream The EU is Algeria’s top trading partner. In 2012 the exchanges were estimated at €50 billion, more than half of the global trade in Algeria, which exceeded €94 billion, Algerian government figures show. Read more with Euractiv Schulz resuscitates Sarkozy’s ‘Union for the Mediterranean’European Parliament President Martin Schulz announced today (4 April) that he will revive the ‘Union for the Mediterranean’, a now moribund initiative first launched in 2008 by the then French President Nicolas Sarkozy, during a parliamentary summit on 7 April in Marseille. Subscribe now to our newsletter EU Elections Decoded Email Address * Politics Newsletters BackgroundHeads of state from 43 countries, the 27 EU members and the 16 Mediterranean partners from North Africa, the Middle East and the Balkans, launched the ‘Union for the Mediterranean’ (UfM) on 13 July 2008. France had nourished hopes that UfM would provide new impetus to regional cooperation by agreeing a set of priority development projects "that create de facto solidarity" between participating nations. Further Reading EU institutions Commission : Conférence de Presse du President José Manuel Barroso en Algérie Press articles Algérie Focus: « L’union européenne est le partenaire naturel de l’Algérie » EURACTIV Turkey: Avrupa, Cezayir ile enerjide i?birli?ini art?r?yor EURACTIV Greece: Συμφων?α ΕΕ-Αλγερ?ας για στεν?τερη συνεργασ?α στα ενεργειακ?