LNG

Nov 14 (LNGJ) - The Abu Dhabi National Oil Company (Adnoc) has agreed in principle to extend to 2040 its gas supply agreements, in coordination with the Adnoc LNG joint venture partners, Mitsui of Japan, BP of the UK and France’s Total. “The new gas supply agreements are scheduled to take effect from April 1, 2019, replacing  existing agreements, due to expire on March 31, 2019,” said Adnoc. The move is in line with the new integrated gas strategy in the United Arab Emirates that will sustain LNG production at the Das Island liquefaction facility. Adnoc LNG has signed seven term contracts for the supply of more than 4.2 million tonnes per annum of the fuel, mostly to Japan. The UAE last year exported a total of 5.59 million tonnes of LNG. “The LNG market is projected to grow at a robust pace, fueled by demand from Asia and developing countries who want access to a clean and affordable source of energy,” said Abdulaziz Alhajri, Head of Adnoc’s Downstream Directorate.