Geneva-based energy trader Vitol has extended its LNG sale and purchase agreement with Brunei Energy Services & Trading under which it buys LNG for its Asian operations.
The original agreement, signed in 2022 with deliveries commencing in 2023, established a supply of approximately 0.4 million tonnes per annum to Vitol’s Asian operations over a five-year term.
Under the newly signed extension, BEST will continue to supply Vitol with up to four LNG cargoes per annum from 2028 through 2031, Vitol said in a statement on Thursday.
BEST is a unit of state-owned Brunei Energy Holdings.
Vitol said this extension reflects the “deep level of trust and operational excellence” established between BEST and the trader.
“It further highlights BEST’s growing role as a premier energy services provider and Brunei Darussalam’s reputation as a dependable source of LNG in the international market,” Vitol said.
Brunei hosts Brunei LNG’s export plant in Lumut, one of the world’s oldest LNG export facilities. The facility has a capacity of 6.7 mtpa.
UK-based LNG giant Shell and Mitsubishi each have a 25 percent share in the facility, while the Brunei government holds 50 percent.
This facility mostly ships LNG to Japan and South Korea.
Vitol has been trading LNG for over 20 years.
Its LNG volumes grew to approximately 18 million tonnes of LNG in 2024 as demand increased and prices moderated from the peaks of 2022 and 2023.
The trading firm boosted its LNG volumes in 2023 to 17 million tonnes of LNG on the back of higher demand in Europe.
Vitol previously reported LNG volumes of approximately 14 million tonnes in 2022, 12.9 million tonnes in 2021, 10 million tonnes in 2020, and 10.5 million tonnes in 2019.
Last year, India’s largest gas utility, GAIL, finalized its long-term deal to buy LNG from Vitol.
Under the SPA, GAIL will buy approximately 1 mtpa of LNG over a period of about 10 years, commencing in 2026. (January 22, 2026, Source: https://lngprime.com/asia/vitol-extends-brunei-lng-supply-deal/175186/)
BRUNEI - LNG - SUPPLIES - IMPORTS - EXPORTS