Vitol, Delfin LNG and IRH sign 20-yr LNG supply agreement
Vitol said on Wednesday that International Resources Holding (IRH) has signed a 20-yr agreement with Delfin LNG and Vitol for the purchase and sale of 1 MMtpy of liquefied natural gas (LNG) from Delfin's U.S.-based export facility.
Under the terms of the deal, Delfin LNG will supply LNG on a free-on-board (FOB) basis to Vitol, which will act as the offtaker, delivering volumes to IRH Global Trading, IRH's trading arm.
FOB refers to a shipping agreement where the seller is responsible for costs and risks until the goods are loaded onto the vessel. Definitive agreements are expected to be finalized in the coming weeks.
"As part of our vision to build an integrated global trading platform headquartered in Abu Dhabi, IRHGT is actively expanding its presence across physical and financial markets in natural gas, power, crude oil, refined products, metals, and equities," Ali Rashed AlRashdi, CEO of IRH, said in a statement.
"We look forward to working together as we make Final Investment Decision on the first FLNG Vessel in the coming weeks," said Dudley Poston, CEO of Delfin.
Vitol is one of the world's largest independent energy traders, while Delfin LNG specializes in U.S. export infrastructure. International Resources Holding is a mine-to-market platform and subsidiary of ePointZero.
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