Latest news with #HamedAlNaamany
Yahoo
19-05-2025
- Business
- Yahoo
Oman LNG inks term sale and purchase agreement with Vitol to supply LNG
Oman LNG has entered a term sale and purchase agreement (SPA) with Vitol, an energy and commodities company. Starting from January 2026, Oman LNG will supply 800,000 tonnes per annum (tpa) of liquefied natural gas (LNG) to Vitol on a DES Flexible basis. Oman LNG chief executive officer Hamed Al Naamany said: 'This agreement with Vitol reflects our agility and continuous adaptation to market dynamics. We are pleased to see continued positive market response to Oman's strategy in gas and LNG. "Vitol is a key portfolio trader and a trusted partner, and we are pleased to extend our cooperation through this deal, which supports our long-term growth and value delivery.' The partnership with Oman LNG is evidence of Vitol's commitment to securing diverse energy sources for its international clientele. Vitol head of LNG Pablo Galante Escobar added: 'Vitol has a decades-long partnership with the Sultanate of Oman on crude and products. It is an honour to extend this relationship to a term deal with Oman LNG. "The Sultanate of Oman and Oman LNG are critical to ensuring the stable supply of affordable energy to global markets and we are delighted to be working with them.' In March, Vitol made a strategic move to expand its portfolio by agreeing to purchase stakes in assets owned by Eni in Cote d'Ivoire and the Republic of Congo. The deal, valued at $1.65bn (SFr1.38bn) and effective as of 1 January 2024, includes standard cash adjustments upon completion. Vitol will acquire a 30% participating interest in the Baleine project in Cote d'Ivoire, complementing Eni's 77.25% stake in the venture. "Oman LNG inks term sale and purchase agreement with Vitol to supply LNG" 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.
Zawya
19-05-2025
- Business
- Zawya
Oman LNG signs LNG optimisation pact with Vitol Asia
MUSCAT: Under the auspices of Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, Oman LNG signed an agreement with Vitol Asia Pte. Ltd to optimize Oman LNG's LNG supply portfolio, marking another significant step in strengthening its global partnerships. The agreement, commencing in 2026, entails optimizing up to 0.8 million metric tonnes per annum (MTPA) of liquefied natural gas (LNG) with Vitol on a Delivered Ex-Ship (DES) basis. This collaboration builds upon Oman LNG's strategic portfolio and leverages the flexibility from its DES commitments, particularly aligning with evolving market demands. Hamed al Naamany, Chief Executive Officer of Oman LNG, commented, 'This agreement with Vitol reflects our agility and continuous adaptation to market dynamics. We are pleased to see continued positive market response to Oman's strategy in gas and LNG. Vitol is a key portfolio trader and a trusted partner, and we are pleased to extend our cooperation through this deal which supports our long-term growth and value delivery.' Mahmoud al Baloushi, Chief Commercial Officer of Oman LNG, added: 'This optimization agreement with Vitol is a testament to our proactive commercial strategy, enhancing our portfolio's adaptability and responsiveness to global market shifts. It allows us to further capitalize on our established reputation and experience to unlock new value.' The signing ceremony for the agreement was held in Muscat, reflecting the continued support of the Omani government in advancing the nation's strategic energy objectives. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
