Oman LNG signs binding term-sheet agreement with China’s UNIPEC

Muscat, Feb. 7 (BNA): The Oman Liquefied Natural Gas Company signed today a binding agreement with the China International United Petroleum and Chemical Company (UNPEC) to supply one million metric tons per year of LNG, starting in 2025.

This agreement comes to take advantage of the growing partnership between Oman LNG and international energy companies, as UNIPEC became the latest beneficiary of Oman LNG, marking the first LNG deal with a Chinese company. The deal is a landmark for both companies and countries that opens doors to new opportunities in the Chinese market.

According to Oman News Agency (ONA), the signed terms agreement provides for the supply of a total volume of one million metric tons per annum of LNG from Oman LNG to UNIPEC, the trading arm of China’s SINOPEC.

The agreement is based on a 4-year contract, commencing in 2025. The signing of the post-2024 term agreements underscores Oman LNG’s role in maintaining Oman’s reputation as a trusted and reliable supplier of LNG, along with the effective management of commercial operations and energy production. clean, and delivered to customers around the world safely and reliably.

The signing ceremony of the agreement was held under the auspices of Eng. Salem Nasser Al-Awfi, Minister of Energy and Minerals in Muscat.

The agreement was signed by Hamad Al Naamani, CEO of the Oman LNG Company, and Wang Yahang, General Manager of UNPIC.

Speaking after the signing ceremony, Hamad Al Noamani, CEO of Oman LNG, said, “Signing the terms document with UNIPEC marks another milestone, as Oman LNG will create new opportunities in China. This agreement will strengthen our position in the Chinese industry. global energy, ensuring that we maintain our reputation as a supplier of clean and reliable energy around the world. This move reinforces our ongoing efforts to add value to the local economy through growth and collaboration with international partners such as UNIPEC.”

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