Muscat: Oman LNG on Tuesday signed a binding term-sheet agreement with China International United Petroleum and Chemical Co (UNIPEC) to supply one million metric tonne per annum (mtpa) of LNG starting from 2025.
This agreement comes to leverage the ever-growing partnership between Oman LNG and international energy firms, where UNIPEC has become the latest beneficiary of the Omani LNG marking the first LNG term deal with a Chinese firm. The deal constitutes a remarkable milestone for both companies and countries opening doors for new opportunities in the Chinese market.
The signed term-sheet agreement encapsulates supplying a total volume of one million metric tonne per annum of LNG from Oman LNG to UNIPEC, the Trading Arm of the Chinese company SINOPEC.
The agreement is based on a 4-year contract, starting in 2025. Signing term-sheet agreements beyond 2024 emphasizes Oman LNG’s role in sustaining the Sultanate of 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’s signing ceremony was held under the auspices of Eng Salim Nasser al Aufi, Minister of Energy and Minerals in Muscat.
The agreement was signed by Hamad al Nuamani, CEO of Oman LNG, and Wang Yahang, General Manager of UNIPEC.
Speaking after the signing ceremony, Hamad al Nuamani, CEO of Oman LNG, said “The term-sheet signing with UNIPEC marks another milestone, where the Omani LNG will be creating new opportunities in China. Such agreement will further enhance our position in the global energy industry, and ensure we maintain our reputation as a clean and reliable energy supplier worldwide. This step boosts our on-going efforts to add value to the local economy through growth and collaborations with international partners such as UNIPEC”.
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