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BASF agrees 15-year gas supply deal with China's ENN

Published 05/04/2024, 10:14
Updated 05/04/2024, 10:16
© Reuters. Chinese gas importer and distributor ENN Energy's logo is seen at Gastech 2023 in Singapore September 7, 2023. REUTERS/Florence Tan/File Photo

SINGAPORE (Reuters) - German chemicals giant BASF said on Friday it had agreed to buy natural gas from Chinese gas company ENN Energy Holdings under a 15-year supply contract.

ENN will supply the fuel to BASF's integrated chemicals complex in Zhanjiang in Guangdong province, BASF said in a brief statement posted on its WeChat platform, without specifying the volume of the deal.

Under the agreement, ENN will invest and build a gas pipeline to supply the BASF plant.

"Natural gas is a key fuel and feedstock for both the construction and operation stage of the Zhanjiang base," Marko Murtonen, general manager of the Guangdong venture was cited as saying.

© Reuters. Chinese gas importer and distributor ENN Energy's logo is seen at Gastech 2023 in Singapore September 7, 2023. REUTERS/Florence Tan/File Photo

The 10-billion-euro ($10.8 billion) chemical complex, BASF's third-largest globally once complete, is due to be fully operational by 2030.

($1 = 0.9228 euros)

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