05-09-2017

Trader Vitol agrees multi-year LNG purchase deal with Angola LNG

vitol

Global trader Vitol has agreed a multi-year deal to buy LNG from the Chevron-led Angola LNG plant, the companies said Monday.


  • New term deal from 5.2 million mt/year plant
  • Vitol already regular lifter of Angola LNG cargoes


The 5.2 million mt/year Angola LNG facility resumed operations in June 2016 having been closed in April 2014 due to technical problems.

Since its resumption, many Angola LNG cargoes have been offered on a tender basis, as well as being delivered under a sales deal signed in March 2016 with France's EDF Trading.

Under the agreement with Vitol, Angola LNG cargoes will be delivered to the Switzerland-based trading house at destinations "around the world," the companies said.

A spokesperson for Angola LNG declined to give additional details on the volumes that could be expected to be supplied under the agreement, citing commercial confidentiality.

They said that the deal was for "a number of LNG cargoes over a period of years."

The new term deal was hailed as significant by the head of Angola LNG. "This sales agreement is an important step for Angola LNG," its CEO Artur Pereira said.

"Vitol has already purchased many LNG cargoes from Angola LNG, and we look forward to continuing our successful relationship."

Vitol's head of LNG Pablo Galante Escobar added that the deal with Angola LNG was an "exciting initiative" for Vitol.

In March 2016, Angola LNG and France's EDF Trading signed a sales and purchase agreement for LNG delivery.

The "flexible" SPA provides for the delivery of multiple LNG cargoes on a DES basis from 2016 to 2018.

Shareholders in the Angola LNG project include Chevron, with 36.4%, Angolan state Sonangol with 22.8%, and BP, Eni and Total, with 13.6% each.

Source: Platts 

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