Oman LNG extends partnership with international firms, including Shell, beyond 2024
Oman LNG has signed shareholder agreements with several international companies, including Shell, as part of its strategic roadmap to extend the existing agreements and continue business beyond 2024.
At the ceremony held on October 23, the state-owned company signed Oman LNG and Qalhat LNG shareholding agreements under which Oman LNG’s shareholding structure will continue strategic partnership with Oman Investment Authority, Shell Gas BV, TotalEnergies, Kora LNG, Mitsui & Co., Mitsubishi Corporation, PTT Exploration and Production, and Itochu Corporation.
Shell Gas said it will remain the largest private shareholder in Oman LNG, with a 30% shareholding, and continues its role as technical adviser.
In addition and based on previously signed term sheets, Shell International Trading Middle East FZE will purchase up to 1.6 million tons per annum (mtpa) of LNG from Oman LNG from 2025 to 2034, making Shell the largest LNG off-taker from Oman LNG.
Qalhat LNG’s shareholding will include Oman Investment Authority, Oman LNG LLC, Itochu Corporation, and Mitsubishi Corporation.
“Such agreements underscore our ever-growing efforts to maximize returns and optimize revenues while sustaining our position in the LNG market”, Oman LNG stated.
In addition to shareholding agreements, Oman LNG also signed a gas supply agreement with the Integrated Gas Company (IGC) extending the supply of feed gas to Oman LNG and solidify the company’s strive towards long-term growth and sustainability.
The deal covers the extension of the gas supply period for an additional ten years until 2033 at a total volume of 10.4 million metric tons per annum, reflecting the company’s drive towards its Beyond 2024 aspirations.