Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
ADNOC Signs 10-Year Vitol Deal for the Sale of 528,000 Tonnes Per Year of LPG
 

Agreement creates long-term value and will help protect ADNOC from energy market fluctuations 

Abu Dhabi, UAE – February 22, 2017:  The Abu Dhabi National Oil Company (ADNOC) has signed an agreement with Vitol, the world’s largest independent energy trader, for the sale of up to 528,000 tonnes per year of LPG, to Vitol, over the next 10 years.

The long-term agreement, backdated to January 1, 2017 and which will expire on the 31st of December 2026, was signed on the side-lines of International Petroleum Week (IP WEEK), taking place in London, by Abdulla Salem Al Dhaheri, ADNOC Sales and Marketing Director and Russell Hardy, a member of Vitol’s Executive Committee.

Al Dhaheri said: “ADNOC has implemented a new strategy toward its LPG sales by negotiating longer term contracts to cope with the oversupply market especially after the Shale Gas Revolution.

“This agreement, which strengthens the long-standing relationship between ADNOC and Vitol, is a prime example of the innovative and different thinking we are bringing to our business deals. It will create reliable, long-term value and maximise our gas resources to ensure the company is resilient to future fluctuations in the global energy markets.”

Vitol is a private company founded in Rotterdam in 1966. It has over 40 offices worldwide and its largest operations are in Geneva, Houston, London and Singapore. Its primary business is the trading and distribution of energy products globally including over 6 million bpd of crude oil and products and 10 million tonnes of LPG annually. Revenues in 2015 were $168 billion.

Hardy said: 'We are delighted to be working with ADNOC on this long-term supply agreement. LPG is an important clean fuel and this will support our growing downstream LPG business.”

Vitol’s energy assets globally include over 15.5 million cubic metres of storage across six continents; 390,000 bpd of refining capacity and Shell-branded downstream businesses in 16 African countries, as well as Australia. Vitol also has the only independent, long-standing refinery in Fujairah. Vitol’s customers include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. 

Posted by : Dubai PR Network Editorial Team
Viewed 6484 times
PR Category : Energy and Industry
Posted on : Wednesday, February 22, 2017  2:27:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Phase One of ADNOC Xpress Network on Schedule
Next Story : ADNOC Distribution Opens Motor World Vehicle Inspection Cent...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Bourjois Healthy Mix [10791-Views]
Prada Luna Rossa Carbon [10285-Views]
Kids Get Groovy in COÉGA Sunwear Spring/Summer 2017 collection [10272-Views]
Furless Electrolysis Permanent Hair Removal Centre Grand Launch [9370-Views]
Bourjois: Blow a Kiss for Mother's Day [8705-Views]
Eco-Drive FD2033-52W: Elegant timepiece from Citizen [8570-Views]
Paul Marciano and Al-Futtaim Celebrate GUESS' 35 Year Anniversary with Spectacular Evening... [8467-Views]
BIODERMA Introduces Photoderm NUDE Touch SPF50+ [8156-Views]
Bridging refinement and watchmaking know-how Golden Bridge Rectangle [7424-Views]
Longines Global launch of Conquest V.H.P.: a new milestone for quartz technology [7180-Views]
BIODERMA launches Photoderm Brume solaire MAX SPF50+ [7161-Views]
Invigorate your eye care routine with FOREO's next generation eye massager, IRIS [7155-Views]
Introducing NEW Olay Regenerist Microsculpting Cream SPF30 [7155-Views]
Filorga launches the NCTF-REVERSE Cellular Anti-Aging Range [7033-Views]
Around the world with Celio's new Spring-Summer '17 collection [6984-Views]
RAYMOND WEIL Freelancer Chronograph Inspired By the “Gibson Les Paul” Guitar [6893-Views]
Cocktail and Bridal Couture by International Brand Label based in Dubai, Kara by award-win... [6832-Views]
Are You Ready for World Class Pinoy at Max's? [6728-Views]
Kara by KK: Wedding Season - Fashion Product Placement [6442-Views]
Nautical & Floral Designs take center stage in the Max' Spring Collection 2017 [6271-Views]
A Homage to Cuba for Spring/Summer'17 by F&F [6179-Views]
BOVET's VIRTUOSO VIII Flying Tourbillon Big Date arrives in the Middle East [6173-Views]
Iconic Fashion Show Experience Season 2 [6100-Views]
Ulysse Nardin Jade “Grand Feu” [5941-Views]
Majid Al Futtaim launches ‘Create Great Moments Together' campaign to encourage UAE reside... [5899-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories