Germany’s SEFE Signs $400 Million LNG Deal with ADNOC
(Reuters) — Germany's SEFE has agreed a three-year deal to receive about 700,000 metric tonnes of liquefied natural gas (LNG) from the United Arab Emirates' ADNOC, with deliveries due to begin in summer of 2025, both companies said on July 10.
State-owned SEFE, or Securing Energy For Europe, is seeking long-term supply deals after losing most of its Russian pipeline gas imports in 2022, following Russia's invasion of Ukraine.
Valued at $400 million and drawing on Abu Dhabi National Oil Company's (ADNOC) Das Island liquefaction facility, the agreement is aimed at both companies' ambitions to expand their long-term relationships with key energy partners, they said in a joint statement.
Under the terms, SEFE may decide on delivery destinations at its discretion.
SEFE's chief commercial officer Frederic Barnaud said that the contract was building on a long-term supply agreement with ADNOC signed last year.
As a former division of Russia's Gazprom GAZP.MM that was nationalized by Germany during Europe's energy crisis, SEFE has delivery obligations over some 200 terawatt hours of gas per year to industry and onward distributors mainly in Germany, Britain and other European markets.
Last month, SEFE agreed a 10-year deal over gas deliveries by Azerbaijan state oil company SOCAR.
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