Vitol inks 10-year deal to buy Nigerian LNG from 2021
Nigeria LNG Limited (NLNG) and commodity trading company Vitol have signed an LNG sale and purchase agreement (SPA) for some of the remarketed volumes from NLNG’s trains 1, 2, and 3.
NLNG said that the SPA was signed on Tuesday and that the agreement underscored NLNG’s drive for mutually beneficial partnerships to deliver LNG on a global scale in a low carbon world where LNG would continue to be the preferred complementary energy source alongside renewables.
The executed agreement is for the supply of 0.5 mtpa of LNG for a 10-year term on a delivered ex-ship basis beginning in October 2021.
Pablo Galante Escobar, head of LNG for Vitol, said: “We are delighted to be partnering with NLNG and look forward to working together to build on new opportunities. Vitol has a long history of investing in Africa and participating in Nigeria’s energy sector.”
NLNG is an incorporated JV owned by NNPC (49%), Shell (25.6%), Total (15%), and Eni (10.4%).