Vitol signs 10-year deal to buy 600,000 of Nigeria’s LNG from 2021

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LONDON, Dec 12 – Commodities trader Vitol has signed a 10-year deal with Nigeria Liquefied Natural Gas (NLNG) to buy 500,000 tonnes of LNG per year starting in October 2021.

The sales and purchase agreement was signed on Dec. 11, Vitol said.

Volumes will be purchased from Trains 1, 2 and 3 of NLNG plant at Bonny which have been remarketed as some of the current Nigeria’s contracts are due to expire.
Tony Attah, Managing Director and CEO of NLNG, and Pablo Galante Escobar, Global Head of LNG, Vitol S.A., signed the LNG SPA at an event witnessed by executives and senior managements of both NLNG and Vitol. The executed agreement is for the supply of 500 000 tpy of LNG for a 10 year term on a delivered ex-ship basis commencing October 2021.

According to NLNG, the agreement underscores NLNG’s drive for mutually beneficial partnerships to deliver LNG on a global scale in a low carbon world where gas/LNG will continue to be the preferred complementary energy source alongside renewables.

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 of participating in Nigeria’s energy sector.”

NLNG is an incorporated joint-venture owned by four shareholders, namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corp. (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International N.A. N. V. S.àr.l (10.4%).

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