ADNOC Gas Signs $450-550 Million LNG Supply Agreement with PetroChina

Source Company Press Release
Company ADNOC, PetroChina Company Limited
Tags Country: China, United Arab Emirates, Other: Oil & Gas Trading, Segment: LNG
Date September 07, 2023

ADNOC Gas plc (“ADNOC Gas” or the “Company”), a world-class integrated gas processing company, today announced an agreement, valued between $450 million (AED1.65 billion) and $550 million (AED2 billion), to supply Liquefied Natural Gas (LNG) to PetroChina International Company Limited (“PetroChina” or “PCI”), a subsidiary of  PetroChina Company Limited, one of the leading oil and gas producers and distributors in China. This agreement underscores ADNOC Gas’ growing global presence, particularly in the East and South Asian markets. Natural gas plays a crucial role as a transitional fuel, generating lower-carbon emissions compared to other fossil fuels, and  ADNOC Gas is committed to ensuring reliable supply to its customers around the world. Ahmed Mohamed Alebri, Chief Executive Officer of  ADNOC Gas, said: “We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world’s fastest growing gas markets. China continues to be a key market for  ADNOC Gas, and this agreement further reinforces our role as a major LNG supplier across East and South Asia, and beyond.” LNG serves as an important raw material in industrial value chains and its versatility allows its application across a broad range of industries, fostering economic growth. Commenting on the agreement, Wu Junli, Chairman of PCI, said: “Energy is an important area of collaboration between China and the UAE. We are delighted to partner with  ADNOC Gas, a company committed to providing stable and reliable energy supply with low-carbon emissions. This agreement signifies an extension of the cooperation between our two companies and reaffirms PCI’s commitment to  ADNOC Gas as our global partner.” This agreement follows several significant international LNG sales agreements, including those with  Japan Petroleum Exploration Co., Ltd. (JAPEX), TotalEnergies Gas and Power, and India Oil Corporation (IOCL), underscoring  ADNOC Gas’ position as a global export partner of choice.  ADNOC Gas continues to leverage opportunities arising from  ADNOC’s integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand.

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