German-based chemical firm BASF and Equinor have signed a long-term strategic agreement for the annual delivery of up to 2 billion cubic meters or 23 terawatt hours of natural gas over a 10-year period.
The contract secures a substantial share of BASF’s natural gas needs in Europe, with the deliveries scheduled to start on October 1, 2025.
Natural gas is a key feedstock for European industries, especially in the production of chemicals and fertilizers. BASF uses natural gas both as an energy source and as a raw material in the production of basic chemicals.
The long-term partnership will support the company’s strategy to diversify its energy and raw materials portfolio. The gas is sold on market terms.
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.
“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,” said Anders Opedal, president and chief executive officer, Equinor.