Oman LNG Signs 2 Binding Term-sheet Agreements with PTT Global and Total Energies

Oman LNG Signs 2 Binding Term-sheet Agreements with PTT Global and Total Energies

Wednesday, January 18, 2023

 

Oman LNG has announced the signing of binding term-sheet agreements with PTT Global LNG Company Limited and TotalEnergies to supply 1.6 million metric tonnes per annum (mtpa) of LNG starting in 2025. These agreements solidify the partnership between Oman LNG and the global energy firms, as they become the latest beneficiaries of the Omani LNG.

The signed term-sheet agreements will see Oman LNG supplying PTT Global LNG Company Limited with a total volume of 0.8 million metric tonnes per annum of LNG based on a 9-year contract, starting from 2026, and 0.8 million metric tonnes per annum for TotalEnergies according to a 10-year agreement, starting in 2025.

Such step comes at a significant milestone in the history of Oman LNG, where it complements the company’s strive to renew its contracts for Beyond 2024 with a strong interest to leverage partnership with many global partners and countries around the world. This ensures Oman LNG sustains its position in the global LNG market and contributes to global energy security, where it currently continues to play a significant role in delivering clean and reliable energy.

The agreements were signed by Hamed Al Naamany, CEO of Oman LNG, Ratchada Lertwanichwatana, Managing Director of PTT Global LNG Company Limited, and Thomas Maurisse, Senior Vice President of LNG of TotalEnergies, in presence of HE Eng. Salim Al Aufi, Minister of Energy and Minerals, at Oman LNG Head Office in Muscat.

The agreements are strengthened by the reputation and credibility of Oman LNG as a reliable and trusted LNG supplier around the globe, coupled with the effective management of business processes to produce clean energy delivered to customers around the world safely and reliably. Furthermore, the LNG plant at Qalhat, in Sur, has the capacity to receive and process additional volumes, as it has initiated the Power Project and Debottlenecking Project with its capacity to 11.4 mtpa.

Speaking after the signing ceremony, Hamed Al Naamany, CEO of Oman LNG, said " Signing the term-sheet agreement with PTT Global LNG Company Limited and Total Energies  enhances our efforts to further grow and strengthen our market positions including new business opportunities. Such step complements our mission to add value to the local economy through increasing capacity, and strengthening collaborations with international firms.”

Oman’s liquefied natural gas industry was born out of the vision of the late Sultan Qaboos bin Said to diversify the country’s economy and has attracted high revenue by harnessing natural gas resources for export as liquefied natural gas. The country produced its first shipment of liquefied natural gas in 2000 after the first of an initial two-train plant began operations under Oman LNG, established by Royal Decree in 1994. With a third train under Qalhat LNG, liquefied natural gas has played an even greater role in contributing to the national economy as the two companies, that integrated in 2013 and now operate as Oman LNG, have worked intensely with outstanding success to drive their organisations forward.

 

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