To assure consistent supply to its clients, the UAE's Abu Dhabi National Oil Co. Gas has inked a $450 million to $550 million agreement to deliver liquefied natural gas to PetroChina International Co. The agreement will assist ADNOC Gas in expanding its global position, notably in the East and Southeast Asian regions.
“We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world’s fastest-growing gas markets,” said Ahmed Mohamed Alebri, CEO of ADNOC Gas.
He added: “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.”
ADNOC's efforts to enhance LNG supplies demonstrate the company's commitment to reducing emissions since natural gas is an important transitional fuel, delivering lower-carbon power than other fossil fuels. Furthermore, LNG is an essential raw resource in industrial value chains and may be employed in various sectors, promoting economic growth.
“Energy is an important area of collaboration between China and the UAE. We are delighted to partner with ADNOC Gas, a company committed to providing a stable and reliable energy supply with low carbon emissions,” said Wu Junli, chairman of PCI.
He added: “This agreement signifies an extension of the cooperation between our two companies and reaffirms PCI’s commitment to ADNOC Gas as our global partner.”
The new arrangement with PCI follows ADNOC Gas's previous substantial worldwide LNG sales agreements with firms such as Japan Petroleum Exploration Co., TotalEnergies Gas and Power, and India Oil Corp.