Vitol announced that it has signed a multi-year LNG purchase agreement with Gazprom Marketing & Trading Singapore Pte Ltd (GM&T Singapore), for the annual supply of around 300,000 metric tons of LNG, from 2018. The supply will come from GM&TS’s diversified LNG portfolio.
Pablo Galante Escobar, Vitol’s Head of LNG said: “We are delighted to be working with Gazprom Marketing & Trading a subsidiary of Gazprom, the world’s largest producer of natural gas. Vitol is an established participant in LNG markets globally and this development will strengthen our offering to customers world-wide.”
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including; circa 15.9mm3 of storage across six continents, 390kbpd of refining capacity and 3,000 service stations across Africa, Australia and in Northwest Europe. Revenues in 2016 were $152 billion.
Vitol has been active within the LNG sector since 2005, serving customers across five continents and delivered circa 3 million metric tons worldwide in 2016.
Gazprom is a global energy company. Its major business lines are geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel as well as generation and marketing of heat and electric power.
Gazprom views its mission in reliable, efficient and balanced supply of natural gas, other energy resources and their derivatives to consumers.
Gazprom holds the world’s largest natural gas reserves. The Company’s share in the global and Russian gas reserves makes up 18 and 72 per cent respectively. Gazprom accounts for 14 and 74 per cent of the global and Russian gas output accordingly. At present, the Company actively implements large-scale projects aimed at exploiting gas resources of the Yamal Peninsula, Arctic Shelf, Eastern Siberia and the Far East, as well as hydrocarbons exploration and production projects abroad.
Gazprom is a reliable supplier of gas to Russian and foreign consumers. The Company owns the world’s largest gas transmission network – the Unified Gas Supply System of Russia with the total length of over 168 thousand kilometers. Gazprom sells more than half of overall produced gas to Russian consumers and exports gas to more than 30 countries within and beyond the former Soviet Union.