ADNOC LNG Signs Vitol and Total to Supply Agreements
The agreements place most of the LNG volumes through Q1 2022 and continue ADNOC’s expansion into new LNG export markets.
ADNOC LNG signed a supply agreement for up to 6 years with Vitol for the sale of 1.8 mtpa of post-2022 LNG volumes, and a 2-year supply agreement with Total for 0.75 mtpa of 2021 and 2022 LNG volumes.
The agreements continue ADNOC’s transition to a multi-customer strategy that began in 2019, and follow its investment partnership with Vitol in global storage terminal owner and operator VTTI. Since then, the company shifted from supplying 90% of its LNG to Japan to supplying 90% of LNG to clients in more than eight countries from across southern and southeast Asia.
The agreement is also in line with its 2030 gas strategy to deliver value for UAE and meet global demand, which is expected to grow by up to 5% annually over the next 20 years.
ADNOC LNG, owned by ADNOC (70%), Mitsui & Co (15%), BP (10%), and Total (5%), produces about 6 mtpa of LNG from its Das Island facilities off the coast of Abu Dhabi.