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UAE’s ADNOC Gas signs $450-550 million Chinese supply deal

UAE's ADNOC Gas signs $450-550 mn Chinese supply deal
Source: Video Screenshot

The United Arab Emirates’ ADNOC Gas announced a $450-550 million liquefied natural gas supply agreement with PetroChina on Thursday, its latest deal with an Asian client.

No volumes or timescale were announced for the contract, which follows deals with Japanese and Indian companies since state-owned ADNOC Gas’s share flotation in March.

“China continues to be a key market for ADNOC Gas, and this agreement further reinforces our role as a major LNG supplier across East and South Asia, and beyond,” chief executive Ahmed Mohamed Alebri said in a statement.

It follows July’s $7-9 billion, 14-year supply deal with the Indian Oil Corporation, and last month’s five-year contract with Japan’s JAPEX worth up to $550 million.

In May, ADNOC Gas — 90 percent-owned by state oil giant ADNOC — also signed a three-year supply agreement with France’s TotalEnergies Gas and Power expected to be worth up to $1.2 billion.

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AFP

Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.







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