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ADNOC LNG Signs Agreements with BP and Total

Gasoil News - Published on Mon, 18 Nov 2019

Image Source: thenational.
ADNOC LNG has concluded supply agreements with subsidiaries of BP and TOTAL, effectively booking out the majority of its LNG production through Q1 2022. With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets. These agreements are milestones in ADNOC LNG’s successful transition to a multi-customer marketing strategy that began just eight months ago in April 2019. Since then, ADNOC has shifted from supplying 90% of its LNG molecules to a single utility customer in Japan, which remains an important customer for ADNOC LNG, to 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 produces about 6 million tons per annum of LNG from its facilities on Das Island off the coast of Abu Dhabi and is one of the world’s most reliable producers of the super cooled liquefied gas. ADNOC was the first LNG exporter in the Middle East and has been a reliable supplier of gas to global markets for over 40 years. Abu Dhabi’s strategic geographical location gives ADNOC advantaged access to growth markets in the Middle East and Asia, which are expected to drive significant gas demand in the near and long-term future.

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%).

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Posted By : Yogender Pancholi on Mon, 18 Nov 2019
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