Adnoc Lng Signs Agreements With Bp And Total

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“With these new procurement contracts, Adnoc LNG has shown that it can respond quickly and decisively to changing market conditions while ensuring the safety and quality of delivery,” said Fatema Al Nuaimi, Managing Director of Adnoc LNG. “The two-year LNG supply agreement contributes to the growth and flexibility of Total`s LNG portfolio and strengthens our long-standing relationship with Adnoc LNG,” said Laurent Chevalier, Vice President Middle East, Gas, Renewables and Power at Total. ADNOC inks 6-year contract with Vitol for 1.8 million million meters per year LNG ADNOC LNG delivery contracts with subsidiaries of BP and Total on Tuesday, booking the majority of its liquefied natural gas (LNG) production until the first quarter 2022. According to industry analysts, LNG is the fastest growing hydrocarbon, with a growth rate of almost 4% per year. Global demand for LNG is expected to exceed 600 million tonnes per year by 2035, up from nearly 300 million tonnes per year in 2017. ADNOC LNG says these recent agreements are milestones in the transition to a multi-client marketing strategy that began in April 2019. Since then, the company has grown from 90% of its LNG molecules to a single supply customer in Japan, which remains a major customer for ADNOC LNG, to 90% of its LNG molecules to a number of customers and receiving terminals in more than eight south and southeast Asian countries, including India, China South Korea and Taiwan. ADNOC LNG, a joint venture in which the parent company owns 70% of the parent company, has signed a supply contract with Vitol for up to six years for the sale of 1.8 million tonnes per year of LNG cargoes after 2022, as stated by the national oil producer in a November 11 statement. ADNOC LNG also secured a two-year supply contract with Total for 0.75 million metres per year for 2021 and 2022 volumes. By signing these agreements, BP and Total`s subsidiaries primarily reserve the bulk of ADNOC`s LNG production in the first quarter of 2020. Adnoc is extending the gas supply contract with lng arm until 2040 ADNOC LNG, which supplied 90% of its volume in Japan until 2019, has since attempted to diversify its customer base by signing multi-year contracts. UAE`s ADNOC signs multi-year LNG supply contracts with Total, Vitol Abu Dhabi, UAE-ADNOC LNG has entered into delivery contracts with BP and TOTAL subsidiaries, effectively reserving most of its LNG production until Q1 2022.