XRG, ADNOC, and SEFE Unite to Bolster European Gas Supply
A major Memorandum of Understanding (MoU) has been signed between XRG, ADNOC, and SEFE to explore deeper cooperation across the natural gas and LNG value chain. The agreement aims to strengthen energy security in Germany and Europe by combining ADNOC's UAE-based supply with XRG's international sources, alongside SEFE's market presence and trading capabilities.
The MoU covers four areas: security of supply, market development and growth, supply chain resilience, and portfolio and shipping optimization. The partnership could also include investment in energy infrastructure and measures to optimize gas and LNG portfolios and cargo movements.
XRG and ADNOC have already made significant investments in Germany, with €19 billion invested so far, and the UAE has announced plans to invest a further €40 billion in the country. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO and Executive Chairman of XRG, stated that 'XRG and ADNOC are committed to Germany for the long term.'
The agreement builds on an existing relationship between ADNOC and SEFE, with ADNOC delivering its first Middle East LNG cargo to Germany in early 2023. SEFE CEO Egbert Laege added that 'closer cooperation across the value chain is critical' in today's energy landscape.