The contracts were signed by officials from BP, TOTAL and ADNOG LNG, an operating company of Abu Dhabi Oil Company (ADNOC). The signing of the agreements was experienced by Dr Sultan Ahmed Al Jaber, Minister of State and CEO of the ADNOC Group; Bob Dudley, CEO of BP; And Patrick Pouyanne, President and CEO of Total. On Tuesday, Adnoc also signed an agreement with China`s Rongsheng Petrochemical to explore domestic and international opportunities as it tries to sell more products to customers in East Asia. The agreement includes the sale of refined products from Adnoc to Rongsheng and the supply of liquefied natural gas to the Chinese company. Contract signed 2 years, 0.75 million mt/year contract with Total To learn more, you must register or register with us. 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 m/s for 2021 and 2022 volumes. ADNOC LNG entered into delivery contracts with BP and Total subsidiaries on Tuesday and reserved most of its liquefied natural gas (LNG) production until Q1 2022. 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. “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. VAE`s ADNOC signs multi-year LNG supply contracts with Total, Vitol ADNOC LNG, which supplied 90% of its volume to Japan by 2019, has since attempted to diversify its customer base by signing multi-year contracts. 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 plans to invest approximately $45 billion (Dh165.3 billion) in the downstream sector with Ruwais partners over the next five years, with capacity to double and multiply threefold for the local refinery and chemical industry. Laurent Chevalier, Vice President of the Middle East, Gas, Renewables and Power, Total, added: “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.” 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 ENCRES 6-year contract with Vitol for 1.8 million m/year LNG Abu Dhabi, VAE-ADNOC LNG said it had entered into delivery contracts with bp and TOTAL subsidiaries, in fact, to reserve most of its LNG production by Q1 2022. Through transactions, ADNOC LNG has strengthened its presence in new regions and markets. The contracts were signed by officials from BP, TOTAL and ADNOG LNG, an operating company of Abu Dhabi Oil Company (ADNOC).
The signing of the agreements was attested by His Excellency, Dr. Ahmed Al Jaber, Minister of State of the United Arab Emirates and CEO of the ADNOC Group; Bob Dudley, CEO of BP and Patrick Pouyanné, President and CEO of Total. With these new supply 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, CEO of ADNOC LNG.