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Gazprom, Vitol sign 300,000 mt/year multi-year LNG agreement from 2018

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Gazprom, Vitol sign 300,000 mt/year multi-year LNG agreement from 2018

Vitol said Thursday it has signed a multi-year LNG purchase agreement with Gazprom Marketing & Trading Singapore for the purchase of 300,000 mt/year of LNG from 2018.

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Vitol was not available for comment on the specifics of the contract.

The supply will come from Gazprom's LNG portfolio. The bulk of Gazprom's current LNG portfolio comes from the Sakhalin-2 project in Russia.

These volumes will be further bolstered by a 20-year contract signed in 2015 to lift 2.9 million mt/year from the Novatek-controlled Yamal LNG project in Russia's northern Yamal peninsula, which is due to start up this year.

Vitol delivered around three million mt of LNG in 2016.

--Max Gostelow, max.gostelow@spglobal.com
--Edited by Dan Lalor, daniel.lalor@spglobal.com