Oman LNG taps into Chinese market under new supply deal with UNIPEC
Oman LNG has signed a binding term-sheet agreement with China International United Petroleum and Chemical Co. (UNIPEC) to supply 1 million metric tonnes per annum (mtpa) of LNG starting in 2025.
UNIPEC has become the latest beneficiary of the Omani LNG, marking the first LNG term deal with a Chinese company, Omani state news agency reported.
The agreement, which was signed on 7 February, is said to represent a remarkable milestone for both companies and countries opening doors for new opportunities in the Chinese market.
The signing ceremony was held under the patronage of Salim Nasser Al Aufi, Minister of Energy and Minerals, in Muscat.
Speaking after the signing ceremony, Hamad Al Nu’amani, CEO of Oman LNG, said: “The term-sheet signing with UNIPEC marks another milestone, where the Omani LNG will be creating new opportunities in China.
“Such an agreement will further enhance our position in the global energy industry, and ensure we maintain our reputation as a clean and reliable energy supplier worldwide. This step boosts our ongoing efforts to add value to the local economy through growth and collaborations with international partners such as UNIPEC.”
Prior to this, Oman LNG signed a binding term-sheet agreement with Turkish BOTAŞ Petroleum Pipeline Corporation to supply 1 mtpa of LNG, starting in 2025.
The company also recently signed ten-year and nine-year contracts with French energy major TotalEnergies and Thailand’s PTT Global LNG Company, respectively. Oman LNG will deliver 0.8 mtpa of LNG per year to each company, starting in 2025.
In January, Oman LNG inked a term sheet with Shell International Trading Middle East FZE for the offtake of 0.8 mtpa of LNG for ten years starting from 2025, marking Shell’s first long-term offtake from Oman.