SOCAR And German SEFE Strike Natural Gas Purchase Deal

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 10.​ The State Oil Company of Azerbaijan (SOCAR) and the German SEFE (Securing Energy for Europe) state energy company have inked a 10-year deal to secure a steady stream of natural gas, Trend reports via SOCAR.

As per the document, SOCAR will be throwing its hat in the ring, supplying gas volumes to SEFE in Europe.

The yearly supply volume will be ramped up little by little to 15 TWh, which is roughly 1.5 billion cubic meters.

This partnership will pave the way for a greater flow of pipeline gas to Europe by backing investments in production and infrastructure, including gas compressors, and will bolster the energy security of the continent.

"This long-term contract is a clear example of the strong relationship between Germany and Azerbaijan. Thanks to this partnership, a new route is being formed to deliver significant volumes of natural gas to Europe, which serves to diversify our portfolio and increase the security of energy supply for our customers," SEFE CEO Egbert Laege said.

"This agreement is another important milestone in SOCAR's efforts to strengthen Europe's energy security. By supplying SEFE with reliable and large volumes of natural gas, we are further strengthening the existing partnership between Azerbaijan and Germany, contributing to Europe's energy diversification and sustainable development goals. SOCAR will continue to invest in infrastructure and production projects to ensure secure and uninterrupted energy supplies for our partners," SOCAR President Rovshan Najaf said .

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