20 November 2012 14:26 [Source: ICIS news]
LONDON (ICIS)--BASF’s Wintershall oil and gas business has agreed a 10-year gas supply deal with Norway’s Statoil to improve its supply security, the subsidiary of the Germany-based chemicals major said on Tuesday.
Under the deal, natural gas producer Statoil will make North Sea gas available to Wintershall at trading points in Europe, mainly Germany. At the same time, the deal regulates Statoil’s purchase of natural gas produced by Wintershall in the North Sea.
The agreement will last for ten years, beginning on 1 January 2013. During the contractual period, Wintershall expects to receive a total of up to 45 billion cubic metres of natural gas from Statoil.
The agreement with Statoil will enable BASF Wintershall to use volumes produced in the North Sea for European and German markets, without having to develop its own transport infrastructure, it said.
Last week, BASF also agreed an asset swap with Russia’s Gazprom.
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