Equinor and OMV Extend Gas Contract to Enhance European Supply Chain

Posted on 27, September 2023 by | This entry was posted in Austria, Energy, Gas & Oil, Industrial, Norway and tagged , , , , , . Bookmark the permalink.

The Europipe II pipeline at Kårstø
(Photo: Ole Jørgen Bratland / Equinor)

(IN BRIEF) Equinor has entered into a new five-year gas sales agreement with OMV, Austria’s major energy company. Starting from October 1, this year, the deal involves an annual gas volume of 12 TWh, with delivery to OMV’s European portfolio via Germany’s Trading Hub Europe. This agreement expands upon the existing partnership between the two companies and is priced at market terms.

(PRESS RELEASE) STAVANGER, 27-Sep-2023 — /EuropaWire/ —  Equinor ASA (OSE:EQNR, NYSE:EQNR), an oil, gas, wind and solar energy company active in more than 30 markets globally, has solidified its partnership with Austria’s major energy player, OMV, through a new long-term gas sales agreement. Commencing on October 1 of this year, this five-year accord entails an annual gas volume of 12 TWh. The gas will be supplied to OMV’s European portfolio via Germany’s virtual trading hub, Trading Hub Europe (THE).

This agreement not only strengthens the enduring collaboration between Equinor and OMV but also supplements the gas volumes covered by existing contracts. The pricing of this contract adheres to market terms, underscoring the commitment of both companies to a mutually beneficial and competitive partnership.

“Equinor prides itself on being a long-term, reliable supplier of natural gas to Europe. I am very happy that we today, can announce another bilateral agreement between our two companies,” says Helge Haugane, Equinor’s senior vice president of Gas & Power .

“We have been observing an increasing demand for bilateral contracts from customers who see Norwegian gas as an enabler of energy security as well as of the energy transition,” Haugane adds.

About OMV

OMV Aktiengesellschaft

With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.

In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe.

OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,700 filling stations in eight European countries. In the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.

OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.

OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.

Media contact:

Sissel Rinde
Vice president Media relations
Corporate affairs
sisr@equinor.com
+47 412 60 584

SOURCE: Equinor ASA

MORE ON EQUINOR, ETC.:

Follow EuropaWire on Google News
EDITOR'S PICK:

Comments are closed.