Abu Dhabi National Oil Company says it will supply 528,000 tonnes per year of liquefied petroleum gas
The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had signed a deal with Vitol for the supply of 528,000 tonnes per year of liquefied petroleum gas (LPG) over the next 10 years.
The long-term agreement backdates to January and will expire on Dec. 31, 2026, a company statement said.
"ADNOC has implemented a new strategy toward its LPG sales by negotiating longer-term contracts to cope with the oversupply market, especially after the shale gas evolution," Abdulla Salem Al Dhaheri, ADNOC sales and marketing director, said in the statement.
Vitol is a private company founded in Rotterdam in 1966. It has over 40 offices worldwide and its largest operations are in Geneva, Houston, London and Singapore.
Its primary business is the trading and distribution of energy products globally including over 6 million bpd of crude oil and products and 10 million tonnes of LPG annually. Revenues in 2015 were $168 billion.
Vitol, which also has the only independent, long-standing refinery in Fujairah, has a customer base including national oil companies, multinationals, industrial and chemical companies and the world’s largest airlines.