Latest news with #TransAdriaticPipeline
Yahoo
09-06-2025
- Business
- Yahoo
Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar
-- State-owned German trading company, SEFE, is set to announce a 10-year agreement to purchase gas from Socar, the state-owned company in Azerbaijan, according to a Bloomberg report on Monday. This agreement allows SEFE to procure up to 15 terawatt-hours of gas annually, equivalent to approximately 1.5 billion cubic meters per year. The report indicated that the gas is expected to be transported to Europe via the Trans Adriatic Pipeline (TAP). This pipeline traverses Northern Greece, Albania, and the Adriatic Sea before reaching the southern shores of Italy. SEFE, an acronym for Securing Energy for Europe, has been proactive in securing new supply contracts. The region has become more reliant on global supplies since the majority of its Russian pipeline gas was lost in 2022. Despite Norwegian production operating at nearly full capacity, Europe continues to require additional supplies while it awaits the commencement of more liquefied natural gas export facilities in the US. Related articles Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar Crude futures sink on Saudi push for OPEC+ supply hikes Trump's aluminium tariff rise threatens Indian industry, Vedanta warns Sign in to access your portfolio
Bloomberg
09-06-2025
- Business
- Bloomberg
Germany's SEFE to Announce 10-Year Deal For Gas From Azerbaijan
Germany's state-owned SEFE is expected to announce a 10-year deal to buy gas from Azerbaijan's state-owned Socar, according to people familiar with the matter. The agreement, which begins immediately, allows the German trading company to buy as much as 15 terawatt-hours of gas per year, the people said, speaking on condition of anonymity. That's equivalent to about 1.5 billion cubic meters per year. The gas is likely to reach Europe via the Trans Adriatic Pipeline, two of the people said. TAP, crosses Northern Greece, Albania and the Adriatic Sea before coming ashore in southern Italy.
Press and Journal
27-05-2025
- Business
- Press and Journal
Aberdeen firm invests in new base for 200 engineers
Energy consultancy Penspen has marked a major milestone in its north-east growth story by opening a new, larger office in Aberdeen. The hub brings together 200 specialist engineers under one roof as the company ramps up delivery of energy transition and infrastructure projects across the UK and Europe. Penspen says the move to Balmoral Business Park in Altens shows its long-term commitment to Aberdeen, where it has had a presence since the late 1980s. The purpose-built office replaces the company's former base at Queens Gardens and brings in staff from C&I Engineering Solutions, the local firm it acquired in 2024. 'Aberdeen is a critical hub for us – a region where we have deep roots and long-standing relationships with key clients,' said Darren Bartlett, Penspen's director of engineering and energy transition. 'This move reflects both our history in the north-east and our ongoing commitment to its future.' From its new base, Penspen will lead on serval major low-carbon infrastructure projects. These include engineering work on the HyNet CO₂ pipeline in Liverpool Bay and a hydrogen infrastructure gap analysis for the Trans Adriatic Pipeline, part of the EU's Southern Gas Corridor. The company is focused on two key areas: energy security and the repurposing assets for hydrogen and carbon transport – sectors seeing fast-growing demand. The Balmoral office will also serve as a training hub, for skills in hydrogen systems, CO₂ transmission, and infrastructure reuse. These skills are considered vital to the UK's future energy system and local workforce development. Penspen has operated globally for over 70 years. Its workforce has grown from 750 in 2019 to 1,200 today, including more than 200 staff in Aberdeen. 'Bringing the Penspen and C&I Engineering Solutions teams together under one purpose-built roof will strengthen collaboration and further enhance the service we deliver to our clients,' said Mr Bartlett. 'Investing in our Aberdeen presence enables us to grow our team and our capabilities to deliver technically challenging projects that support global clients at every stage of the energy project lifecycle. 'We're proud to make a commitment to the city as it positions itself at the heart of the energy transition.' Although headquartered in London, Penspen is part of Sidara, which is currently in talks to acquire Aberdeen-based engineering giant Wood.
