SEFE signs 3-year contract with ADNOC for LNG supply

SEFE, a German company, has signed a deal with ADNOC of the United Arab Emirates for liquefied gas. Deliveries are expected to start in 2025.

After the Russian invasion of Ukraine, SEFE (Securing Energy for Europe), a state-owned company, seeks long-term supply agreements after losing most its Russian pipeline gas supplies in 2022.

The agreement, valued at $400 million, is based on the Das Island liquefaction plant of Abu Dhabi National Oil Company (ADNOC). Both companies said that they wanted to strengthen their long-term relationship with energy partners.

SEFE reserves the right to decide at its own discretion on the delivery destination.

Frederic Barnaud, SEFE's chief business officer, said the contract built on a long term supply agreement signed with ADNOC last year.

SEFE, a former division owned by Russia's Gazprom, was nationalised in Germany during the energy crisis. SEFE is responsible for delivering around 200 terawatt-hours of gas annually to industrial customers and distributors, primarily in Germany, Britain, and other European countries.

SEFE and SOCAR, the state-owned oil company of Azerbaijan, signed a 10-year agreement last month. Vera Eckert and Ludwig Burger edited the report.

(source: Reuters)