Equinor, BASF Signed Ten-Year Natural Gas Supply Agreement

SEATTLE (Oil Monster): Equinor declared that a ten-year contract to supply BASF with natural gas had been signed. According to the long-term strategic agreement, it will provide BASF with up to 2 billion cubic meters of natural gas throughout that time. It is anticipated that the deliveries would start in early October of this year.

The agreement will help BASF to secure a substantial share of the company’s natural gas requirements in the European region. It must be noted that the company uses natural gas not only as an energy source, but also as a raw material in the chemical production process. Furthermore, the agreement will support the company’s strategy to diversify its energy and raw materials portfolio.

Commenting on the development, Anders Opedal, president and chief executive officer, Equinor said that the agreement will further strengthen its partnership with BASF. He expressed happiness to support BASF in its efforts to reduce carbon footprint.

Dirk Elvermann, Chief Financial Officer and Chief Digital Officer, BASF SE stated that the company is happy to enter into a long-term partnership with Equinor for the reliable supply of low-carbon natural gas for BASF’s operations in Europe. He added that the supply deal supports its sustainability targets.