ENERGY

ADNOC LNG signs deals with BP and Total to book out production through Q1 2022

The agreements were signed by officials from BP, Total, and ADNOC LNG. (Supplied)

ADNOC LNG concluded supply agreements with subsidiaries of BP and Total on Tuesday, booking out the majority of its liquefied natural gas (LNG) production through to Q1 2022.

State-owned energy firm Abu Dhabi National Oil Company (ADNOC) is the 70 percent majority shareholder of ANDOC LNG.

“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 CEO, Fatema Al Nuaimi in a statement.

“With the support of our shareholders, we have maximized access to new markets with strong LNG growth potential,” she added.

ADNOC LNG has been engaged in a transition since April 2019 to change from a single utility customer supplier to a multi-customer supplier. The state-owned oil company said that it has switched from supplying 90 percent of its LNG to a single customer in Japan, to supplying 90 percent of its LNG to a range of clients and receiving terminals in more than eight countries in Asia, including India, China, and South Korea.

“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 two 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.

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Last Update: Tuesday, 12 November 2019 KSA 10:07 - GMT 07:07
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