Petronas LNG Ltd (PLL) and Vitol Asia (Vitol) have signed a binding Heads of Agreement (HOA) for long-term LNG sale and purchase (SPA) agreement.
Under the terms of the agreement the LNG supply to Vitol commencing in 2024 will be approximately up to 0.8 million tonnes per annum for a period of up to 15 years on both Delivered Ex-Ship (DES) and Free on Board (FOB) basis.
The primary supply to Vitol will come from LNG Canada as well as from other PLL’s global LNG supply portfolio. LNG Canada is a major LNG project located in Kitimat, British Columbia, Canada which Petronas is one of the joint venture participants with equity holding of 25%. Canada is Petronas’ second largest resource holder after Malaysia, with vast unconventional oil and gas resources in the North Montney.
30th November 2018