The long-term agreement, which will expire on the 31 December 2026, was signed on the side-lines of International Petroleum Week, which took place in London, UK.
Abdulla Salem Al Dhaheri, ADNOC Sales and Marketing Director, said: “ADNOC has implemented a new strategy toward its LPG sales by negotiating longer term contracts to cope with the oversupply market especially after the shale gas revolution.
“This agreement, which strengthens the long-standing relationship between ADNOC and Vitol, is a prime example of the innovative and different thinking we are bringing to our business deals. It will create reliable, long-term value and maximise our gas resources to ensure the company is resilient to future fluctuations in the global energy markets.”
Al Dhaheri said: “ADNOC has implemented a new strategy toward its LPG sales by negotiating longer term contracts to cope with the oversupply market especially after the Shale Gas Revolution. Russell Hardy, a member of Vitol’s Executive Committee, added: “We are delighted to be working with ADNOC on this long-term supply agreement. LPG is an important clean fuel and this will support our growing downstream LPG business.”
