Germany’s Uniper signs 15-year gas import deal with Norway’s Equinor

By Nora Buli and Christoph Steitz

STAVANGER, Norway/FRANKFURT, Aug 24 (Reuters) – Germany’s Uniper has signed a deal to import more than 30 terawatt hours of gas a year from Equinor from 2027, the companies said on Monday, reinforcing Norway’s position as the key supplier to Europe’s biggest economy.

The deal, equivalent to around 2.8 billion cubic metres of natural gas per year, runs until the end of 2041, and equates to nearly 3% of Germany’s annual gas imports.

Norway supplied 44% of Germany’s gas imports, according to network regulator Bundesnetzagentur, taking Russia’s place as the largest supplier after Moscow ended most energy ties with Europe following its full-scale invasion of Ukraine.

The contract with Equinor marks Uniper’s latest effort to diversify its supplies and follows its agreement with Canada as companies seek to bolster energy security after shortages linked to the Iran war.

“For us it’s really important that we rebuild our portfolio,” Uniper CEO Michael Lewis told Reuters after signing the deal in Stavanger, Norway, adding the agreement could not come at a more important moment.

“When you look at the turbulence in the energy markets over the last few years, it’s critical that we diversify our energy supplies. Different suppliers, different routes, whether that’s pipeline or LNG,” Lewis said.

LONG-TERM GAS DEMAND

Both Lewis and Equinor CEO Anders Opedal stressed the importance of Norwegian supply for European energy security.

The agreement also sends a strong signal from European industry that Norwegian gas will remain in demand for years to come, Opedal told Reuters.

“This is the first contract that goes into the 2040s,” he said.

The companies also said they would expand cooperation on lower-emission gas projects, highlighting the relatively low carbon intensity of Norwegian gas, although they did not provide further details.

Lewis said gas would remain a necessary transition fuel as Germany seeks to phase out coal, arguing that increased gas use in the near term could lower emissions while supporting longer-term decarbonisation goals in combination with carbon capture technology.

Sources previously told Reuters that Equinor is among the parties interested in state-owned Uniper, which Berlin is seeking to divest after rescuing the utility during Europe’s energy crisis in 2022.

Opedal declined to comment when asked whether Equinor had expressed interest in the stake.

(Reporting by Christoph Steitz in Frankfurt and Nora Buli in Stavanger, editing by Thomas Seythal and Louise Heavens)