LNG supply contract extended
Published by Oliver Kleinschmidt,
Assistant Editor
Tanks and Terminals,
Korea Middle Power Co. Ltd (KOMIPO) and Vitol have agreed to extend an existing long-term LNG Supply and Purchase Agreement (LNG SPA).
The original deal was signed in 2011, deliveries commenced in 2015, with Vitol supplying KOMIPO with over 4 million t of LNG over 10 years. Under this extension agreement, Vitol will continue to supply KOMIPO with LNG. From 2025 to 2028 Vitol will supply three cargoes per year to KOMIPO. The extension confirms the trust and strength of the relationship developed over years of reliable LNG deliveries.
Mr Young Jo Lee, Head of Planning & Administration Division of KOMIPO said: “We are pleased to extend the existing LNG SPA with Vitol based on mutual trust and understanding. This signing ceremony will pave the way for both parties to cement the long-term relationship.”
Mr Pablo Galante Escobar, Head of LNG, EMEA Gas & Power of Vitol added: “We are delighted to extend our long-term LNG SPA with KOMIPO, a highly respected company in South Korea and our important long-term customer. We look forward to strengthening our partnership with KOMIPO and working on further opportunities. Vitol is committed to offering reliable and flexible LNG solutions to customers worldwide.”
Vitol has traded LNG for over 16 years. It is expanding its presence globally and last year traded over 17 million tonnes of LNG worldwide.
Read the article online at: https://www.tanksterminals.com/terminals/31052024/lng-supply-contract-extended/
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