Adnoc LNG announced that it has concluded supply agreements with subsidiaries of BP and Total, booking out the majority of its LNG production through the first quarter of 2022, reports Freight Comms.
New supply agreements
“With these new supply agreements, Adnoc LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,” said Adnoc LNG chief executive officer, Fatema Al Nuaimi.
“With the support of our shareholders, we have maximised access to new markets with strong LNG growth potential,” she added.
“We have also successfully demonstrated our ability to shift from one customer to multiple customers while maintaining our plant’s high reliability and accepting ships from different customers at our jetty. We continue to deliver on time, with the right specification, quality and agreed amounts,” Al Nuaimi said.
Major shares by Adnoc
Adnoc LNG currently produces about 6 million tons per annum of LNG from its facilities on Das Island off the coast of Abu Dhabi, supplying 90% of its LNG molecules to a range of clients and receiving terminals in more than eight countries across southern and southeast Asia including India, China, South Korea and Taiwan.
Adnoc LNG is majority owned by Adnoc, which has a 70% share of the company. Additional shareholders are Mitsui & Co (15%), BP (10%), and Total (5%).
“BP is delighted to have concluded this LNG supply agreement” said Robert Lawson, COO Gas, Integrated Supply and Trading, BP.
“ADNOC LNG is a longstanding supplier to BP’s integrated supply and trading business. We are very pleased to have secured this new multi-year supply agreement.”
“The 2 year LNG Supply Agreement contributes to the growth and flexibility of Total’s LNG portfolio and strengthens our longstanding relationship with ADNOC LNG” said Laurent Chevalier, Vice President Middle East, Gas, Renewables & Power, Total.
LNG is the fastest-growing hydrocarbon with a growth rate close to four per cent per annum. Global LNG demand is expected to exceed 600 million tons per annum by 2035, up from nearly 300 million tons per annum in 2017.
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Source: Freight Comms