ADNOC Gas, PetroChina sign $550 million LNG deal

• Posted in OilGas
• on September 8, 2023
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ADNOC Gas has announced an agreement, valued between $450 million and $550 million to supply Liquefied Natural Gas (LNG) to PetroChina, one of the leading oil and gas producers and distributors in China.

This agreement, according to ADNOC, underscores its growing global presence, particularly in the East and South Asian markets. Competition for LNG has increased since Russia’s invasion of Ukraine last year, with Europe importing record volumes of the supercooled fuel to replace Moscow’s gas supplies.

“Natural gas plays a crucial role as a transitional fuel, generating lower-carbon emissions compared to other fossil fuels, and ADNOC Gas is committed to ensuring reliable supply to its customers around the world,” the company noted in a press release.

This agreement follows several recent international LNG sales agreements, including those with Japan Petroleum Exploration Co (JAPEX), TotalEnergies Gas and Power, and India Oil Corp (IOCL).

ADNOC Gas continues to leverage opportunities from ADNOC’s integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand.

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