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Algeria is putting up for grabs its spare electricity capacity for Europe as the continent undergoes an energy crisis, Algerian President Abdelmadjid Tebboune said Thursday.

According to Tebboune, his country is planning a 270 km undersea pipeline toward Italy, one of the countries most severely hit by the crisis.

Algeria is also pushing to increase its gas exports by two-fold to reach 100 billion cubic meters per year, a steep year-on-year increase from 2022's 56 billion cubic meters, Tebboune added.

In recent months, the EU has been eyeing Algerian gas as a cheaper alternative to Russian energy sources.

Algeria's national petrochemicals firm Sonatrach announced in late October that it had signed deals worth $600 million with Italian firms for the extraction and transport of liquefied petroleum gas (LPG).

The Algerian company said in a statement that it concluded a $400 million deal with Italian company Tecnimont for the construction of an LPG plant scheduled to be completed in three years.

The plant is expected to produce an output of "1,000 tonnes per day of LPG, 300 tonnes per day of condensate, and 8.7 million cubic meters per day of gas."

Meanwhile, Tebboune said his country was working on bolstering its ties with Latin America as well as those with European states, though it already has strong relations with those.

Tebboune affirmed last month his country's solidarity with the Cuban people against the blockade imposed on Havana.

In a joint statement with his Cuban counterpart Miguel Diaz-Canel, the Algerian President affirmed Algeria's permanent solidarity with the Cuban people in its endeavor to lift the economic, financial, and commercial blockade imposed on it for more than 60 years, based on its belief in the principles and objectives of the United Nations and on the United Nations General Assembly resolution, which calls for the lifting of this blockade. 

The president had announced the cancellation of all interests on Algeria's debts to Cuba and the postponement of their payment.

He also announced that Cuba would be gifted a solar power plant and that it will resume its supply of fuel to reactivate power stations and end frequent outages.

Relations between the two countries fulfilled several achievements, the latest of which was the set up of the Algerian-Cuba Parliamentary Friendship Group last February, to be an opportunity to launch a new era of bilateral cooperation and enhance exchange in all fields, including parliamentary and economic, in a way that reflects the close relations between the two countries and peoples.

Meanwhile, Tebboune called for an increase in Algeria's exports, especially to African countries, adding that "when Algeria's GDP exceeds $200 billion, then it can be said that Algeria is close to joining BRICS."

He stressed that joining the BRICS required the pursuit of investments, economic development, and human development simultaneously.

Russian Deputy Foreign Minister Mikhail Bogdanov welcomed last month Algeria's desire to join the BRICS economic bloc.

BRICS (Brazil, Russia, India, China, and South Africa) is an informal association of the world's major developing economies, which was formed in 2009 to enhance cooperation between the nations and elaborate common approaches to global economic challenges.

The BRICS members account for nearly 30% of the global gross output and around 40% of the global population.

Last June the BRICS countries agreed that the bloc needs new members while retaining its original character.

Earlier in May, Chinese Foreign Minister Wang Yi stated that China would initiate the process of BRICS expansion. He stated that it will demonstrate BRICS openness and inclusiveness, meet the expectations of developing countries, increase their representation and voice in global governance, and contribute more to global peace and development.

According to IMF data, China is BRICS' largest economy, accounting for over 70% of the 27.5 trillion economic might, while India accounts for around 13%, and Russia and Brazil account for 7%.