Nigeria LNG Limited (NLNG) and Vitol SA on Tuesday signed a LNG Sale and Purchase Agreement (SPA) for some of the remarketed volumes from NLNG’s Trains 1, 2 and 3.
Tony Attah, Managing Director and Chief Executive Officer 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 0.5mtpa 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.
By this agreement, NLNG and Vitol SA would bring into partnership, a wealth of global presence, market reach, and experience in LNG operations.
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.”
Vitol is an energy and commodities company focused on trading and distribution of energy products globally.
NLNG is an incorporated Joint-Venture owned by four Shareholders, namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (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%).