Energy - 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.
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 is a former subsidiary of the Russian energy company Gazprom, which is now owned by the federal government. The abbreviation stands for "Securing Energy for Europe". 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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- As part of their commitment to secure energy sources, the German energy company Sefe has signed a deal with Equinor for safe and continuous gas delivery over the next two decades.
- The Norwegian energy giant Equinor, with a significant stake from Norway's government, will supply a massive 111 terawatt hours of gas to Germany between 2024 and 2034.
- Sefe, formerly a subsidiary of the Russian energy company Gazprom, aims to transition to low-CO2 hydrogen as a secondary energy source, signing an intent with Equinor to receive 5 terawatt hours per year from 2029 to 2060.
- The Equinor-Sefe agreement adds considerable terawatt hours of gas supply to Germany's energy portfolio, augmenting the country's annual industrial energy requirements by approximately one-third.
- The raw material for both the signed gas delivery agreement and the intended hydrogen cooperation between Equinor and Sefe will be sourced primarily in Norway, ensuring the continuity of energy supply from one of Europe's leading energy companies.
Source: www.stern.de
