1mln mtpa gas supply deal inked with China: Oman

1mln mtpa gas supply deal inked with China: Oman

Oman LNG has signed a binding term-sheet agreement with China International United Petroleum and Chemical Company (UNIPEC) to supply 1mn metric tonnes of liquefied natural gas (LNG) per annum starting 2025.

The agreement will leverage ever-growing partnerships between Oman LNG and international energy firms. With this agreement, UNIPEC, the trading arm of the Chinese company SINOPEC, has become the latest beneficiary of Oman LNG marking the first LNG term deal with a Chinese firm.

The deal is considered a remarkable milestone for both companies and countries opening doors for new opportunities in the Chinese market.

The term-sheet agreement stipulates Oman LNG will supply of a total of 1mn metric tonnes per annum (mtpa) of LNG to UNIPEC.

The agreement is a four-year contract, starting in 2025. Signing term-sheet agreements beyond 2024 emphasises Oman LNG’s role in sustaining Oman’s reputation as a reliable and trusted LNG supplier, coupled with the effective management of business processes to produce clean energy, and deliver it to customers around the world safely and reliably.

The agreement signing ceremony was held under the patronage of H E Salim Nasser al Aufi, Minister of Energy and Minerals, in Muscat. The agreement was signed by Hamed al Nuumany, CEO of Oman LNG, and