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BERLIN: German energy firm Sefe and Norway‘s Equinor on Tuesday struck a long-term supply deal that will provide Europe’s top economy with around 10 billion cubic metres of natural gas per year for the next decade.
The deal, which is equivalent to one-third of Germany‘s annual gas demand, marks a major milestone in Berlin’s efforts to replace former long-term supplier Russia, which first cut and later suspended deliveries.
“This is a response to Europe’s need for long-term, reliable supply of energy and a viable route to decarbonization at scale,” Equinor CEO Anders Opedal said.
The supply deal runs from Jan. 1 2024 until 2034 and carries an option for another five years at market price terms, which currently translate into a value of around 50 billion euros ($55 billion), the two companies said in a joint statement.
The deal, which is equivalent to one-third of Germany‘s annual gas demand, marks a major milestone in Berlin’s efforts to replace former long-term supplier Russia, which first cut and later suspended deliveries.
“This is a response to Europe’s need for long-term, reliable supply of energy and a viable route to decarbonization at scale,” Equinor CEO Anders Opedal said.
The supply deal runs from Jan. 1 2024 until 2034 and carries an option for another five years at market price terms, which currently translate into a value of around 50 billion euros ($55 billion), the two companies said in a joint statement.
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