LNG
The LNG sector is a relatively recent, and logical, progression for Vitol.
It is a market that has gained increasing significance in recent years, and we can offer a compelling case to our customers by leveraging our existing relationships, as well as our shipping resources and gas storage capabilities.
Around 85% of LNG is sold on long-term contracts; Vitol operates in the remaining 15% of the market, using our core energy trading skills to bring opportunities and new hedging solutions to the sector. By taking LNG from areas of surplus, we are actively contributing to the growth in the market, which is currently running at 8-10% a year.
Vitol’s reputation in other sectors has ensured a seamless entrance into this somewhat conservative market, and we have quickly established supply partnerships in Asia to secure additional LNG when demand is high.
For our customers, Vitol’s independence is important in this area. Unlike many of the largest operators, we are impartial and uncompromised, with no joint ventures or upstream/downstream obligations. Our business is based on the market fundamentals, and our customers gain by our ability to respond flexibly and rapidly.
• Oman LNG’s tanker, Sohar LNG, was one of Vitol’s first LNG charters.