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.
The agreements were signed by officials from BP, TOTAL and ADNOG LNG - an Abu Dhabi National Oil Company (ADNOC) operating company.
Fatema Al Nuaimi, ADNOC LNG CEO, said, “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. With the support of our shareholders, we have maximised access to new markets with strong LNG growth potential.”
The 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 per cent of its LNG molecules to a single utility customer in Japan, which remains an important customer for ADNOC LNG, to supplying 90 percent 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.
Robert Lawson, chief operating officer Gas, Integrated Supply and Trading of BP, said, “BP is delighted to have concluded this LNG supply agreement. 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.”
For his part, Laurent Chevalier, vice-president Middle East, Gas, Renewables and Power of Total, commented, “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.”
ADNOC LNG is majority-owned by ADNOC, which has a 70 per cent share of the company. Additional shareholders are Mitsui & Co (15 per cent), BP (10 per cent), and TOTAL (five per cent).
