(Bloomberg) -- Germany’s state-owned SEFE signed an agreement to purchase gas from ConocoPhillips for 10 years, the latest move by the company to secure fuel supplies for Europe.
The agreement is for up to nine billion cubic meters of natural gas, with first deliveries already completed, the company said in a statement Wednesday. SEFE, or Securing Energy for Europe GmbH, was created after Russia invaded Ukraine in 2022 when Berlin nationalized the German operations of Gazprom PJSC.
The firm’s European customer portfolio requires around 20 billion cubic meters of natural gas per year, it said, and the agreement will help it work toward meeting this demand. SEFE’s chief executive officer said in an interview last month that it has signed deals with various global producers to keep gas flowing to Germany and avoid being overly reliant on one supplier.
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