Vitol broadening LNG supply base thanks to deal with Omani firm

Energy and commodities company Vitol has signed a liquefied natural gas (LNG) term sale and purchase agreement (SPA) with Oman LNG, a joint venture company between the Government of the Sultanate of Oman and seven global energy players.

Under the deal, the Omani firm is set to deliver 800,000 metric tons per annum (mtpa) of LNG to Vitol on a delivered ex ship (DES) flexible basis, starting in January 2026.

Hamed Al Naamany, Chief Executive Officer of Oman LNG, commented: “This agreement with Vitol reflects our agility and continuous adaptation to market dynamics. We are pleased to see continued positive market response to Oman’s strategy in gas and LNG.”

Vitol believes the agreement will enhance its capacity to meet the evolving energy requirements of its customers worldwide. Welcoming the deal, Pablo Galante Escobar, Head of LNG at Vitol, stated that the Sultanate of Oman and Oman LNG are critical to ensuring the stable supply of affordable energy to global markets.

Oman LNG is a joint venture (JV) between the Government of the Sultanate of Oman (51%), Shell Group (30%), TotalEnergies (5.54%), Korea LNG (5%), Mitsubishi (2.77%), Mitsui (2.77%), PTTEP(2%), and Itochu (0.92%).

The company operates a three-train liquefaction plant with a nameplate capacity of 10.4 mtpa at Qalhat. In November 2024, KBR secured a front-end engineering design (FEED) deal for the expansion of the complex by adding a fourth train, which is set to have a 3.8-mtpa capacity. 

In early January, Oman LNG delivered its first LNG shipment forming part of long-term supply agreements with Shell. The energy major inked a contract with Oman LNG to purchase up to 1.6 mtpa of LNG from the latter during the 2025–2034 period, making it the largest buyer of natural gas from the Omani player.

Meanwhile, Vitol recently reached an agreement with Eni to buy a 30% participating interest from the Italian giant’s 77.25% ownership interest in the Baleine project in Côte d’Ivoire, and a 25% participating interest from its 65% participating interest in Congo LNG in the Republic of Congo.