Abu Dhabi's ADNOC signs 10-year LPG sale deal with Vitol
2/22/2017
ABU DHABI (Reuters) -- The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had signed a deal with Vitol for the supply of 528,000 tpy of liquefied petroleum gas (LPG) over the next 10 years.
The long-term agreement backdates to January and will expire on Dec. 31, 2026, a company statement said.
"ADNOC has implemented a new strategy toward its LPG sales by negotiating longer-term contracts to cope with the oversupply market, especially after the shale gas evolution," Abdulla Salem Al Dhaheri, ADNOC sales and marketing director, said in the statement.
Reporting by Maha El Dahan; editing by David Clarke
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