Latest news with #ZhenhuaOil
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
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.
Asharq Al-Awsat
19-04-2025
- Business
- Asharq Al-Awsat
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, Reuters reported. Separately, state oil and gas trader Zhenhua Oil agreed a 5-year deal starting 2026 for annual volumes of up to 12 cargoes, said a Chinese industry source with direct knowledge of the agreement. Zhenhua Oil was not immediately available for comment on a weekend day.
Al Arabiya
19-04-2025
- Business
- Al Arabiya
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 percent 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 authorized 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.
