Norway's Vaar Energi extends gas delivery deal with ENI by 12 years

FILE PHOTO: The logo of Italian multinational energy company Eni is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

COPENHAGEN (Reuters) - Vaar Energi has extended an agreement to supply natural gas to Italy's ENI by 12 years, the Norwegian company said on Monday.

Vaar Energi will under the new deal deliver up to 5 billion cubic metres of natural gas between 2024 and 2036 to terminals in Emden and Dornum in Germany, priced at market terms, it said in a statement.

"The agreement demonstrates Europe's trust and dependency of Norway as a key energy provider in a testing time for the continent," Vaar Energi CEO Nick Walker said.

Last month, Vaar signed a similar deal with Germany's VNG.

Norway became Europe's biggest gas supplier in 2022, overtaking Russia after Moscow's invasion of Ukraine.

(Reporting by Stine Jacobsen, editing by Anna Ringstrom)