Securing Energy For Europe (SEFE), a German state-owned gas company, is actively seeking to broaden its supply base in anticipation of its privatisation later this decade, reported Bloomberg.
In an interview, the company’s CEO, Egbert Laege, indicated the company’s drive to diversify its sources and not depend on a single supplier.
SEFE was established in response to Russia’s invasion of Ukraine in 2022, following Germany’s decision to nationalise Gazprom PJSC’s operations in the country.
In the ensuing chaos, Germany faced significant challenges in securing alternatives to the Russian gas that had previously supplied more than half of its energy needs.
Although initially cut off from supplies, Germany later succeeded in reinstating a long-term agreement to purchase LNG from Yamal LNG in the Arctic.
SEFE is strengthening its position in the western European market, where it holds nearly an eighth of the share.
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By GlobalDataThe company has been proactive in securing deals with global LNG producers and is in discussions with countries like Azerbaijan for pipeline gas.
Laege, speaking at the Gastech conference in Houston, expressed satisfaction with the progress made in 2023 and the company’s ambition to grow further.
Last year, SEFE signed agreements to purchase gas from Norway’s Equinor and LNG from Venture Global LNG’s planned CP2 plant in Louisiana, US.
Laege highlighted the company’s current portfolio, which includes 125 LNG cargoes a year.
“Maybe the number is, in the grand scale, not so amazing,” he said.
The executive emphasised the significance of the company’s rapid recovery over the sheer volume of the deals.
As SEFE prepares for privatisation by the end of 2028, Laege assured that the process is on track, with plans to present its equity story around 2026.
In March, Sefe Marketing & Trading Singapore, a subsidiary of SEFE, entered a 15-year agreement with Abu Dhabi National Oil Company (ADNOC).
ADNOC will supply one million metric tonnes per annum of LNG, sourced primarily from its low-carbon Ruwais LNG project, with deliveries to Germany commencing in 2028.
