ADNOC LNG signs LNG supply deals with Vitol and Total
ADNOC LNG, a subsidiary of ADNOC, and energy trader Vitol have signed a six-year supply agreement for the sale of 1.8 million tons per annum (mtpa) of post-2022 LNG volumes.
The Abu Dhabi-based ADNOC LNG also signed a two-year supply agreement with French oil and gas giant Total for 0.75 mtpa of 2021 and 2022 LNG volumes.
Pablo Galante Escobar – Vitol Head of LNG said: “We are proud to conclude another significant milestone with ADNOC, an important partner across key business areas. For Vitol LNG, this most recent development strengthens our ability to ensure diverse and secure supply to our customers around the world.”
In 2019, ADNOC and Vitol joined forces to invest in VTTI, a global storage terminal owner and operator. Total, which has operated in the UAE for more than eight decades is among the most long-standing global partners of ADNOC, and has various ownership interests across the Abu Dhabi-based group.
Fatema Al Nuaimi – CEO of ADNOC LNG, said: “We are pleased to partner with both Vitol and Total on these major deals as they will create reliable, long-term benefits for our company and shareholders. Through collaboration and by adopting a partnership approach, we are driving new growth opportunities for ADNOC and are maximizing the value of our nation’s resources.”
“These agreements demonstrate the success of our commercial strategy in unprecedented times and confirm the market’s growing confidence in demand for natural gas. LNG is a fuel that can support the transition to clean energy, especially in many Asian markets where switching to gas will result in significant environmental gains.
“As a customer-focused business, we will continue to meet the growing demand for LNG as a key fuel in both today’s energy mix and looking ahead to the future.”
ADNOC LNG is said to produce nearly six mtpa of LNG from its facilities located across Das Island off the coast of Abu Dhabi.
The company is owned 70% by ADNOC, while Mitsui & Co (15%), BP (10%), and Total (5%) are the other stakeholders.