BASF and Equinor have signed a long-term strategic agreement for the annual delivery of up to 23 terawatt hours (around 2bcm) of natural gas over a ten-year period. The contract secures a substantial share of BASF’s natural gas needs in Europe. Deliveries will start on October 1st, 2025.
Credit: Equinor and BASF
Dirk Elvermann, CFO and CDO of BASF, and Anders Opedal, President and CEO of Equinor, at the signing of the ten-year natural gas supply contract.
“This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. I am very happy that our gas also supports BASF’s efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation”, says Anders Opedal, President and Chief Executive Officer, Equinor.
BASF uses natural gas both as an energy source and as a raw material in the production of key basic chemicals. This agreement supports the company’s strategy to diversify its energy and raw materials portfolio. The gas is sold on market terms.
“We are very happy to enter into this long-term partnership with Equinor for the reliable supply of natural gas for BASF’s operations in Europe.” said Dirk Elvermann, Chief Financial Officer and Chief Digital Officer, BASF SE. “Equinor is a trusted and valued partner. The supply agreement not only comes with competitive terms but also supports our sustainability targets.”
BASF develops a broad portfolio of solutions that are essential components in the manufacturing of everyday consumer goods, such as car interiors, sportswear, personal care items, and agricultural solutions. Equinor has been supplying gas and liquids to BASF for several years.