UAE - Mubasher: ADNOC LNG has entered into long-term LNG supply agreements with Vitol, the world’s largest independent energy trader, and Total to place the majority of its LNG volumes through the first quarter (Q1) of 2022.
Under its six-year supply agreement with Vitol, ADNOC LNG will sell 1.8 million tonnes per annum (mtpa) of post-2022 LNG volumes, according to a press release on Wednesday.
Meanwhile, ADNOC LNG inked a two-year supply agreement with Total for 0.75 mtpa of 2021 and 2022 LNG volumes.
A total of 70% stake of ADNOC LNG is owned by Abu Dhabi National Oil Company (ADNOC), while the remaining stake is held by Mitsui & Co, BP, and Total with 15%, 10%, and 5%, respectively.
During the Abu Dhabi International Petroleum Exhibition and Convention (ADIPEC), the CEO of ADNOC LNG, Fatema Al Nuaimi, commented: "These agreements demonstrate the success of our commercial strategy in unprecedented times and confirm the market’s growing confidence in demand for natural gas."
