Latest news with #ENNNaturalGas
Yahoo
22-04-2025
- Business
- Yahoo
China's CNOOC signs LNG deal with ADNOC amid tariff war with US
China National Offshore Oil Corporation (CNOOC) has finalised a term agreement to purchase liquefied natural gas (LNG) from the Abu Dhabi National Oil Company (ADNOC), reported Reuters, citing sources. The tariff dispute has led Chinese importers to divert away from US-sourced LNG as retaliatory tariffs have increased import costs. Notably, China did not import any LNG from the US in March, as per data from Kpler and LSEG. In the previous year, the US accounted for around 5% of China's LNG imports, Chinese customs data showed. The contract between CNOOC's Gas and Power Group and ADNOC is set to commence in 2026 and will span five years, involving the supply of 500,000 tonnes per annum of LNG. The details were disclosed by an industry source familiar with the agreement. However, the sources requested anonymity as they were not authorised to speak publicly on the matter, the report said. At present, CNOOC has not provided any comments in response to inquiries about the deal. Similarly, ADNOC has not yet made any official statement in response to requests for comment. This deal is one of the three contracts that the Middle Eastern energy supplier has recently signed with Chinese buyers, highlighting a shift in China's LNG procurement strategy due to the ongoing tariff war with the US. These agreements include a 15-year contract between ENN Natural Gas and ADNOC for the supply of one million tonnes per annum of LNG, starting in 2028. ENN Natural Gas confirmed the deal through a WeChat post. Additionally, Zhenhua Oil, a state-owned energy trader, has also entered into a five-year agreement with ADNOC, due to begin in 2026. This contract will see the delivery of up to 12 LNG cargoes each year. "China's CNOOC signs LNG deal with ADNOC amid tariff war with US" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
21-04-2025
- Business
- Yahoo
ADNOC secures two LNG deals with Chinese firms
Abu Dhabi National Oil Company (ADNOC) has entered into long-term agreements to supply liquefied natural gas (LNG) to China's ENN Natural Gas and Zhenhua Oil. ENN Natural Gas announced via WeChat that its 15-year contract with ADNOC is set to provide approximately one million metric tonnes (Mt) of LNG annually. Reuters reported ENN's statement on its official WeChat as saying: "The deal marks a key step for ENN towards enhancing a stable energy supply chain and diversifying supplies." ENN Natural Gas, which is listed in Shanghai and holds a 34.28% stake in ENN Energy, is also looking to acquire the remaining shares of the clean energy distributor for about $7.65bn. In a separate development, state-owned Zhenhua Oil has secured a five-year agreement with ADNOC, commencing in 2026. The contract stipulates the delivery of up to 12 LNG cargoes per year. According to a Chinese industry insider, the LNG pricing will be on a delivered basis to Rudong in Jiangsu province, with some shipments aimed to the Japan Korea Marker and others linked to Brent oil prices. Zhenhua Oil, which is already collaborating with ADNOC in Abu Dhabi, is in the process of establishing its inaugural LNG terminal in Rudong, with operations expected to start in the first quarter of 2026. ADNOC's CEO, Sultan Al Jaber, was present for the inauguration of the company's new Beijing office last Friday. Also, this month, ADNOC Drilling secured a $1.63bn contract from ADNOC Offshore for a range of integrated drilling services over five years, targeting enhanced efficiency in offshore extended reach and maximum reservoir wells. "ADNOC secures two LNG deals with Chinese firms" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
The National
21-04-2025
- Business
- The National
Adnoc signs UAE's largest LNG supply agreement with China
Adnoc signed new liquefied natural gas supply agreements with Chinese companies amid strengthening of economic ties between the UAE and the world's second-largest economy. As part of the 15-year contract with a unit of ENN Natural Gas, Adnoc will supply up to one million tonnes of liquefied natural gas annually to the Chinese private company, state news agency Wam reported, quoting a statement from Adnoc. This is the largest LNG supply agreement to be signed between the UAE and a Chinese partner and was completed during the visit of Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc, to China last week. Adnoc also announced LNG supply deals with two other Chinese companies – CNOOC Gas and Power Group and ZhenHua Oil during the visit. The new announcements come as the UAE, the Arab world's second-largest economy, and China continue to strengthen economic ties. Last week, Adnoc opened a sales and marketing office in Beijing to boost long-term business relationships between the energy company and China. "We are confident that the opening of this office and the signing of the LNG supply agreements are important steps that will contribute to strengthening co-operation with our Chinese partners," Dr Al Jaber said. This would "create new opportunities to maximise benefits across various aspects and areas of the energy sector value chain". Last year, Adnoc also signed strategic agreements with two Chinese energy companies to collaborate on low-carbon energy solutions. The pact with China National Offshore Oil Company aims to explore opportunities in new energy plans, low-carbon solutions, LNG ventures, oil and gas activities, and trading projects. Meanwhile, an agreement with China National Petroleum Corporation will focus on the energy value chain, including low-carbon solutions, LNG, oil and gas exploration, advanced technologies, refining, marketing and trading. The new agreements come as China looks to diversify its LNG imports. Australia, Qatar and Russia, as well as Malaysia and the US, were the biggest suppliers of LNG to China last year, according to a recent Reuters report. Shell's 2025 LNG Outlook forecasts a 60 per cent increase in global demand for the fuel by 2040, driven by Asian economic growth, emissions reductions in industry and transport, and the rise of artificial intelligence. The consumption of the fuel – considered a cleaner alternative to coal and crude oil – is expected to reach 630 million tonnes to 718 million tonnes a year by 2040, compared with 407 million tonnes last year, Shell said.
Zawya
21-04-2025
- Business
- Zawya
China's ENN, Zhenhua Oil agree LNG deals with ADNOC
China's privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (ADNOC). ENN Natural Gas said on its official WeChat account on Saturday that the deal covers annual supplies of about one million metric tons for 15 years, marking ADNOC's largest LNG contract with a Chinese buyer. "The deal marks a key step for ENN towards enhancing a stable energy supply chain and diversifying supplies," ENN said. Shanghai-listed ENN Natural Gas, which currently holds a 34.28% stake in Hong Kong-listed ENN Energy, is proposing to buy out the rest of the clean energy distributor for roughly $7.65 billion. Separately, state oil and gas trader Zhenhua Oil agreed a 5-year deal with ADNOC starting in 2026 for up to 12 cargoes a year, said a Chinese industry source with direct knowledge of the agreement. Under Zhenhua's first long-term LNG contract, pricing is on a delivered basis into Rudong in east China's Jiangsu province, with some shipments benchmarked to the Japan Korea Marker and others to Brent oil, said the source, who declined to be named as he is not authorised to speak to the media. Zhenhua Oil, which already partners with ADNOC in Abu Dhabi, is building its first LNG terminal in Rudong, with commissioning expected in the first quarter of 2026. ADNOC CEO Sultan Al Jaber attended the opening of the company's new Beijing office on Friday, according to the industry source, who attended the ceremony, and a report by Dubai-based China-Arab TV. Without giving further details, the report said ADNOC signed three LNG supply deals with Chinese partners during Al Jaber's visit. Zhenhua Oil and ADNOC were not immediately available for comment over the weekend.
Reuters
21-04-2025
- Business
- Reuters
China's ENN, Zhenhua Oil agree LNG deals with ADNOC
April 19 (Reuters) - China's privately controlled ENN Natural Gas ( opens new tab and state-run Zhenhua Oil have each signed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (ADNOC). ENN Natural Gas said on its official WeChat account on Saturday that the deal covers annual supplies of about one million metric tons for 15 years, marking ADNOC's largest LNG contract with a Chinese buyer. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. "The deal marks a key step for ENN towards enhancing a stable energy supply chain and diversifying supplies," ENN said. Shanghai-listed ENN Natural Gas, which currently holds a 34.28% stake in Hong Kong-listed ENN Energy ( opens new tab, is proposing to buy out the rest of the clean energy distributor for roughly $7.65 billion. Separately, state oil and gas trader Zhenhua Oil agreed a 5-year deal with ADNOC starting in 2026 for up to 12 cargoes a year, said a Chinese industry source with direct knowledge of the agreement. Under Zhenhua's first long-term LNG contract, pricing is on a delivered basis into Rudong in east China's Jiangsu province, with some shipments benchmarked to the Japan Korea Marker and others to Brent oil, said the source, who declined to be named as he is not authorised to speak to the media. Zhenhua Oil, which already partners with ADNOC in Abu Dhabi, is building its first LNG terminal in Rudong, with commissioning expected in the first quarter of 2026. ADNOC CEO Sultan Al Jaber attended the opening of the company's new Beijing office on Friday, according to the industry source, who attended the ceremony, and a report by Dubai-based China-Arab TV. Without giving further details, the report said ADNOC signed three LNG supply deals with Chinese partners during Al Jaber's visit. Zhenhua Oil and ADNOC were not immediately available for comment over the weekend.
