Abu Dhabi National Oil Company’s liquefied natural gas subsidiary signed a six-year agreement with Vitol, the world’s largest energy trader, for 1.8 million tonnes a year of the super-chilled fuel as of 2022.
Adnoc LNG also signed a long-term agreement with Total for the sale of 750,000 tonnes of the fuel in 2021 and 2022.
“These agreements demonstrate the success of our commercial strategy in unprecedented times and confirm the market’s growing confidence in demand for natural gas, said Adnoc LNG chief executive Fatema Al Nuaimi.
"LNG is a fuel that can support the transition to clean energy, especially in many Asian markets where switching to gas will result in significant environmental gains.”
Demand for LNG globally is currently projected to grow by up to 5 per cent annually over the next 20 years, as it can contribute to better air quality and lower green house gas emissions in the power sector. This makes LNG ideal for the transition to a low-carbon energy future, supporting a mix of fuels to help countries balance energy demand with their clean energy goals.
“This new supply agreement contributes to the growth and flexibility of Total’s LNG portfolio and strengthens our long standing relationship with Adnoc LNG," Thomas Maurisse, Total’s senior vice president of LNG, said.
Until last year, Adnoc supplied 90 per cent of its LNG to Japan's Jera, its single biggest offtaker. The state-owned oil company has since diversified its customer base, supplying 90 per cent of its LNG volumes to clients in more than eight countries across South and South-East Asia, including India, China, South Korea and Taiwan.
“For Vitol LNG, this most recent development strengthens our ability to ensure diverse and secure supply to our customers around the world," Pablo Galante Escobar, Vitol’s head of LNG, said.
Adnoc LNG is a joint venture between Adnoc, which holds a 70 per cent share, Japan’s Mitsui with 15 per cent stake, BP with 10 per cent and Total with the remaining 5 per cent.
Adnoc produces 6 million tonnes of LNG annually from its facility on Das Island, which has been operational since 1977.
Vitol has a presence across the energy industry from oil to power, renewables and carbon. With 250 ships transporting cargoes at sea, it trades 8 million barrels of crude oil and products per day and 10.5 million metric tonnes of LNG per annum.
The company’s clients include national oil companies, industrial companies and utilities.
The UAE is reliant on imports to meet its gas needs and growing demand for cleaner fuel to generate electricity and power industry. Unlocking its gas caps, much of which is sour – having high sulphur content – as well as utilising its new discoveries for additional LNG production is part of Adnoc's strategy to maximise value from the fuel.
Abu Dhabi has begun to prioritise the development of gas from unconventional reserves. Last November, Adnoc announced the discovery of additional reserves of 7bn "stock tank" barrels of oil, 58 trillion cubic feet of conventional gas and 160tn cf of unconventional gas.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Results
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request