The Swiss-Dutch oil trading company Vitol will receive around 300,000 metric tons of LNG from Gazprom annually as of 2018, the company announced on Thursday.
Vitol and Gazprom Marketing & Trading Singapore (GM&TS) signed a multi-year LNG purchase agreement in which supplies will come from GM&TS’s diversified LNG portfolio, according to the company's press release.
The two companies previously cooperated in projects for underground gas storage deposits and gas power stations in Europe, particularly in the U.K. and France.
“We are delighted to be working with Gazprom Marketing and Trading, a subsidiary of Gazprom, the world’s largest producer of natural gas." said Pablo Galante Escobar, Vitol’s head of LNG.
Vitol is the world's second largest oil trader, and their scopes of activities include natural gas trading, hydrocarbons transmission and storage as well as power generation.
Vitol trades over seven million barrels of crude oil and products per day. It has 250 ships transporting cargoes at any given time.
The Swiss-Dutch oil trader has been active within the LNG sector since 2005 and has served customers across five continents. It has delivered circa 3 million metric tons worldwide in 2016.
By Muhsin Baris Tiryakioglu