ABU DHABI, 22nd February, 2017 (WAM) -- The Abu Dhabi National Oil Company, ADNOC, has signed an agreement with Vitol, the world’s largest independent energy trader, for the sale of up to 528,000 tonnes per year of LPG over the next 10 years.
The long-term agreement, backdated to January 1st, 2017, and which will expire on the 31st of December 2026, was signed on the side-lines of International Petroleum Week, currently taking place in London, by Abdulla Salem Al Dhaheri, ADNOC Sales and Marketing Director, and Russell Hardy, a member of Vitol’s Executive Committee.
Al Dhaheri 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 Revolution. This agreement, which strengthens the long-standing relationship between ADNOC and Vitol, is a prime example of the innovative and different thinking we are bringing to our business deals. It will create reliable, long-term value and maximise our gas resources to ensure the company is resilient to future fluctuations in the global energy markets."
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...Read more...