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Vitol, an energy and commodities company, has prolonged its liquefied natural gas (LNG) sale and purchase agreement (SPA) with Brunei Energy Services & Trading (BEST), ensuring LNG supplies for four additional years.
The duo’s extension of the SPA enables BEST to continue to supply Vitol with up to four LNG cargoes per annum from 2028 through 2031, following the original agreement, signed in 2022 with deliveries starting in 2023, that established a supply of approximately 0.4 million tonnes per annum (mtpa) to the latter’s Asian operations over a five-year term.
Yang Mulia Hajah Sharidatul Maryani Binti Hj Md Saidin , Chief Executive Officer at BEST, commented: “We are delighted to further strengthen our partnership with Vitol through this agreement extension. This milestone is a testament to the reliability of our operations and the strength of the relationship we have cultivated since 2022.
“By securing this extension into 2031, BEST continues to demonstrate its capability to meet the evolving needs of the global energy market while contributing to the long-term growth of Brunei’s energy sector. We look forward to a continued, mutually beneficial collaboration with Vitol.”
This extension is said to reinforce the strong, multi-year partnership between the two companies and underscore their shared commitment to global energy security, while highlighting BEST’s growing role as an energy services provider and Brunei Darussalam’s reputation as a dependable LNG source in the international market.
Pablo Galante Escobar , Head of LNG and EMEA Gas and Power at Vitol, highlighted: “We are delighted to extend our long-term LNG SPA with BEST, a highly respected and important partner. We look forward to strengthening our partnership with BEST and Brunei Darussalam and working on further opportunities. Vitol is committed to offering reliable and flexible LNG solutions to customers worldwide.”
The latest extension with BEST comes months after a multi-year deal was signed to allow Delfin LNG to supply LNG on a free-on-board (FOB) basis to Vitol, which will act as the offtaker and deliver the volumes to IRH Global Trading (IRHGT), IRH’s global trading arm.