Vitol extends LNG supply deal with South Korea’s Komipo

Energy trader Vitol has extended its existing liquefied natural gas (LNG) supply deal with Korea Midland Power (Komipo).

The original SPA was signed in 2011. Deliveries started in 2015, with Vitol supplying Komipo with over 4 million tons of LNG over 10 years.

Under this extension agreement, Vitol will continue to supply Komipo with LNG from 2025 to 2028, the Geneva-based trader said in a statement on Tuesday.

Vitol will supply three LNG cargoes per year.

“The extension confirms the trust and strength of the relationship developed over years of reliable LNG deliveries,” Vitol said.

Vitol, which entered the LNG market in 2006, said it is expanding its LNG presence globally and last year traded over 17 million tonnes of LNG worldwide.

The firm revealed in its full-year report in March that its natural gas and LNG volumes grew by 19 percent and 24 percent respectively, but it did not reveal the quantities.

In 2022, Vitol’s traded LNG volumes increased to about 17.6 million tonnes of oil equivalent, or some 14 million tonnes of LNG, as the company’s portfolio responded to increased demand from Europe.

This means that Vitol’s LNG volumes in 2023 reached some 17.3 million tonnes of LNG.

The firm reported LNG volumes of 12.9 million tonnes in 2021, 10 million tonnes in 2020, and 10.5 million tonnes in 2019.

Vitol has a global LNG portfolio with long-term LNG supply from North America, Africa, Middle East, and Asia, and charters a fleet of LNG carriers.

In February, Vitol signed a long-term deal to buy natural gas from US oil and gas producer EOG.

It also signed a deal with India’s GAIL to deliver 1 mtpa of LNG to the latter for a period of about 10 years starting in 2026.

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