Trafigura to Supply 150 TWh of Gas to SEFE in Five-Year Deal

Trafigura will supply more than 150 TWh of natural gas to Germany's state-owned importer SEFE over five years, backed by a $1.5 billion loan agreement partly guaranteed by the German government. The new contract replaces an expiring deal and starts deliveries on November 1, 2026, according to SEFE.

The volumes step up materially. Annual supply rises to 30 TWh under the new arrangement, up from roughly 23 TWh per year in the current contract, which expires at the end of October. Trafigura will draw the gas from its global portfolio rather than a single producing basin — a trading-house structure, not a field-linked supply agreement.

What sits behind the $1.5 billion loan?

The loan is partly supported by a guarantee under the Untied Loan Guarantee (UFK) program of the German federal government, acting through export credit agency Euler Hermes Aktiengesellschaft. Berlin designed the program to secure long-term delivery of strategic commodities to Germany.

That detail matters. A state guarantee on a trader's financing signals Berlin wants supply certainty, not just spot-market coverage. Trafigura gets cheaper capital; Germany gets a contract that runs to 2031.

SEFE's chief commercial officer, Frédéric Barnaud, framed the deal in supply-security terms. "Such partnerships strengthen our ability to source natural gas from a broad range of origins and reinforce our position as a reliable energy provider for our German and European customers," Barnaud said.

Read that closely. He cites breadth of origins — not price, not volume guarantees beyond the headline. The contract's pricing terms were not disclosed.

Why is Germany signing now?

The timing reflects a tight storage picture heading into winter.

• EU gas storage sites stood at 75% full as of October 28, per Gas Infrastructure Europe data.
• Germany's storage — the world's fourth-largest system — sat just below 62% full.
• That gap has raised concerns about supply security if the coming winter runs colder than recent ones.

Germany has historically low volumes in its storage sites and is scrambling to build reserves before the heating season. The Trafigura contract does not fix that problem this winter; first delivery is a year out, in November 2026. What it does is lock in portfolio supply for the following five winters.

Does Germany face a shortage?

Not according to VNG, one of Germany's largest gas importers. At the end of last month, VNG said Germany avoids a supply shortage despite record-low storage levels thanks to diversified import capabilities — LNG terminals, pipeline links and multiple supplier countries.

That is an importer's assessment, and importers have reasons to reassure customers. The claim rests on import infrastructure holding up through a cold spell, and on spot LNG being available at prices European buyers will pay. Neither is guaranteed.

Takeaway: Germany has locked in 30 TWh a year from Trafigura through 2031 — but this winter's storage gap remains a live risk that a contract starting in 2026 cannot close. Watch the storage fill data and winter temperatures; those, not the contract, decide the next two quarters.