British chemicals giant INEOS makes natural gas deal with U.S. firm
- Economy
- DPA
- Published Date: 11:33 | 03 December 2022
- Modified Date: 11:40 | 03 December 2022
The British chemicals giant INEOS has signed a 20-year contract for natural gas deliveries from the U.S. to Germany.
Some 1.4 million tons of liquefied natural gas (LNG) are to be shipped per year, starting in 2027, the company said on Friday.
INEOS has a subsidiary based in Cologne, Germany, which was formerly a joint venture between BP and Bayer.
The contract with the U.S. supplier Sempra Infrastructure contains a non-binding letter of intent which dictates that the volume can be increased by 0.2 million tons.
In July, INEOS signed a contract for long-term regasification capacity at the planned German LNG Terminal in Brunsbüttel on the North Sea.
According to the company, both agreements will "ensure the urgently needed security of supply for Europe."
INEOS intends to use the imported gas to cover its own needs and those of its customers.
Some 1.4 million tons of liquefied natural gas (LNG) are to be shipped per year, starting in 2027, the company said on Friday.
INEOS has a subsidiary based in Cologne, Germany, which was formerly a joint venture between BP and Bayer.
The contract with the U.S. supplier Sempra Infrastructure contains a non-binding letter of intent which dictates that the volume can be increased by 0.2 million tons.
In July, INEOS signed a contract for long-term regasification capacity at the planned German LNG Terminal in Brunsbüttel on the North Sea.
According to the company, both agreements will "ensure the urgently needed security of supply for Europe."
INEOS intends to use the imported gas to cover its own needs and those of its customers.
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