DUBAI, Nov 11 (Reuters): The United Arab Emirates' ADNOC has agreed to supply Germany's SEFE with natural gas for 15 years, the Gulf state-owned energy giant announced last week.
ADNOC would supply one million tonnes of gas a year under the agreement to a SEFE subsidiary, SEFE Marketing and Trading Singapore, the UAE firm said in a statement without disclosing a price.
"Natural gas accounts for over a quarter of Germany's energy supply and we are very pleased to support the country's energy security through this landmark agreement with SEFE," said Fatema Al Nuaimi, an ADNOC executive.
The liquefied natural gas would be primarily sourced from the Ruwais LNG project, with deliveries expected to start when it comes on line in 2028, the UAE company said.
ADNOC said more than seven million tonnes of gas a year from the Ruwais LNG project was now "committed to international customers through long-term agreements".
Germany announced in November 2022 that it was nationalising a former subsidiary of Russian energy giant Gazprom, previously called Gazprom Germania, as Securing Energy for Europe GmbH (SEFE), citing its systemic importance for power supplies.
Berlin had placed the company under its effective control earlier that year, after Russia's invasion of Ukraine and decision to reduce energy supplies to Europe.
"This partnership with ADNOC supports our efforts to responsibly diversify our energy sources, enhance security of energy supply for Germany and Europe," said Egbert Laege, SEFE's chief executive. Following the invasion of Ukraine, European nations have scrambled to replace lost deliveries of natural gas from Russia, turning to the UAE and Qatar to pick up the shortfall.
ADNOC inks 15-year gas deal with Germany's SEFE
FE Team | Published: November 11, 2024 23:59:26
ADNOC inks 15-year gas deal with Germany's SEFE
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