Advertisement
Singapore markets open in 1 hour 5 minutes

  • Straits Times Index

    3,444.18
    +17.71 (+0.52%)
     

  • S&P 500

    5,463.54
    +4.44 (+0.08%)
     

  • Dow

    40,539.93
    -49.41 (-0.12%)
     

  • Nasdaq

    17,370.20
    +12.32 (+0.07%)
     

  • Bitcoin USD

    66,805.98
    -1,416.73 (-2.08%)
     

  • CMC Crypto 200

    1,365.20
    -10.51 (-0.76%)
     

  • FTSE 100

    8,292.35
    +6.64 (+0.08%)
     

  • Gold

    2,378.40
    +0.60 (+0.03%)
     

  • Crude Oil

    75.69
    -0.12 (-0.16%)
     

  • 10-Yr Bond

    4.1780
    -0.0220 (-0.52%)
     

  • Nikkei

    38,468.63
    +801.22 (+2.13%)
     

  • Hang Seng

    17,238.34
    +217.03 (+1.28%)
     

  • FTSE Bursa Malaysia

    1,624.56
    +11.68 (+0.72%)
     

  • Jakarta Composite Index

    7,288.90
    -7,288.17 (-50.00%)
     

  • PSE Index

    6,649.23
    -76.78 (-1.14%)
     

Algeria's Sonatrach to supply Germany with pipeline gas for first time

Reuters
·1-min read
The logo of the state energy company Sonatrach is pictured at the headquarters in Algiers

CAIRO (Reuters) - Germany will receive its first supplies of pipeline natural gas from Algeria under a medium-term contract signed between a subsidiary of trader VNG AG and state-owned oil and gas firm Sonatrach, the companies said on Thursday.

"We are happy to strengthen our energy business partnerships with Europe through this landmark agreement with the company VNG," Sonatrach CEO Rachid Hachichi said in a statement.

This makes VNG the first German company to purchase pipeline gas from Algeria, the statement cited VNG's CEO as saying.

The agreement is with Leipzig-based VNG Handel & Vertrieb GmbH (VNG), a wholly owned subsidiary of VNG AG.

The statement said did not give details of the duration or the value of the contract.

Germany has been forced to seek new suppliers after Russia's invasion of Ukraine in February 2022 ended Germany's decades of reliance on Russian gas.

Algeria's gas production at 106 billion cubic meters per year, according to figures released by Sonatrach.

(Reporting by Enas Alashray and Yomna Ehab; Editing by Elaine Hardcastle and Barbara Lewis)