Vitol signs deal with NLNG to buy Nigerian LNG from 2021
Vitol has signed a sale and purchase agreement (SPA) to buy LNG from Nigeria LNG Limited (NLNG) through the latter’s Trains 1, 2 and 3 located on Nigeria’s Bonny Island.
The Dutch energy trading company will receive 0.5mtpa of LNG for a term of 10 years on a delivered ex-ship basis starting from October 2021.
As per NLNG, the agreement reflects its drive for mutually beneficial partnerships to supply LNG on a global scale in a low carbon world where gas/LNG will continue to be the preferred complementary energy source alongside renewables.
Through the agreement, the Nigerian LNG company and Vitol will bring into partnership, a wealth of global footprint, market reach, and experience in LNG activities.
Vitol signs deal with NLNG to buy Nigerian LNG from 2021. Image courtesy of Stuart Miles/Freedigitalphotos.net.
Pablo Galante Escobar – Head of Vitol LNG said: “We are delighted to be partnering with NLNG and look forward to working together to build on new opportunities. Vitol has a long history of investing in Africa and of participating in Nigeria’s energy sector.”
Vitol is engaged in trading and distribution of energy products across the world.
NLNG is a joint venture owned by the Nigerian government, represented by Nigerian National Petroleum Corporation (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International (10.4%).