ADNOC and TotalEnergies enter LNG supply deal worth $1.2 billion
UAE’s ADNOC Gas has signed a three-year supply agreement with TotalEnergies Gas and Power Limited, a subsidiary of French energy giant TotalEnergies, for the export of LNG.
The agreement, valued at about $1.2 billion under current market conditions, was announced on 1 May.
Pursuant to the terms of the agreement, through its subsidiary, ADNOC Gas will supply TotalEnergies with LNG which will be delivered to various export markets around the world.
The contract is expected to commence in 2023 and will run through 2025, reinforcing both companies’ positions as key players in the global LNG market.
According to ADNOC Gas, the deal underscored its position as a global LNG export partner of choice and bolsters TotalEnergies as a key strategic partner for ADNOC Gas in the LNG market. It also marks another milestone as ADNOC Gas expands its global reach.
Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: “Our new LNG supply agreement with TotalEnergies represents another significant milestone in our strategy to expand our global reach and strengthens our position as the LNG export partner of choice for leading global energy businesses. This agreement reflects our commitment to meeting the needs of our customers by offering supply security, price competitiveness, and flexibility.
“We look forward to continuing our long-term strategic partnership with TotalEnergies, building on our shared commitment to sustainability and the energy transition.”
Thomas Maurisse, Senior Vice President LNG at TotalEnergies, said: “We are pleased to have signed this three-year contract with our long-standing strategic partner. These additional volumes will strengthen our global LNG portfolio, our ability to supply the growing Asian markets, and our ambition to accompany our customers in their energy transition.”