Germany buys more Norwegian gas
The state-owned German energy company Sefe and the Norwegian group Equinor have agreed long-term gas supplies. It is one of the largest gas agreements that Equinor has ever concluded, said Group CEO Anders Opedal on Tuesday.
The agreement provides for Equinor to supply a total of 111 terawatt hours between 2024 and 2034, which corresponds to around 10 billion cubic meters of natural gas. Standard market prices are to be paid for the deliveries. According to the announcement, the annual volumes correspond to a third of Germany's industrial requirements. There is an option for a further five years with 319 terawatt hours.
The two companies also signed a letter of intent under which Sefe is to become a long-term customer of Equinor's low-CO2 hydrogen between 2029 and 2060. The aim is to supply five terawatt hours per year initially, increasing to up to 40 terawatt hours per year between 2050 and 2060.
Sefe, the former Gazprom Germania, got into difficulties last year due to the Russian gas supply freeze and was nationalized after incurring high losses. Headquartered in Berlin, the company employs around 1500 people and is one of the largest gas companies in Germany alongside Uniper and the EnBW subsidiary VNG. Its customers are industry and municipal utilities.
Equinor is one of the largest oil and gas producers in Europe and is two-thirds owned by the Norwegian state.
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The long-term gas supply contract between Sefe and Equinor is expected to provide Germany with more secure energy sources in the future. With this agreement, Sefe has the option to purchase low-CO2 hydrogen from Equinor for a period of 25 years, starting from 2029, further supplementing Germany's gas supply.
Source: www.ntv.de
