Germany’s SEFE Strikes 10-Year Deal for Gas From Azerbaijan

Germany’s state-owned SEFE signed a 10-year deal to buy gas from Azerbaijan’s Socar, a move that will help diversify supplies in Europe’s tight market.

The agreement, which begins this year, allows the German trading company to buy as much as 15 terawatt-hours of gas annually, according to a release that confirmed an earlier Bloomberg report. That’s equivalent to about 1.5 billion cubic meters per year, or about 0.5% of the European Union’s gas consumption in 2024.