Brunei Energy Services & Trading (BEST) and energy multinational Vitol announced the extension of their strategic LNG sales and purchase agreement, which secures the supply of the fuel until 2031.
This new pact extends the commercial relationship initiated in 2022, when both companies signed a contract to supply 0.4 million tons per year of liquefied natural gas to Vitol’s operations in Asia, with deliveries beginning in 2023. Now, the commitment extends beyond the original 5 years, and includes up to 4 annual LNG cargoes between 2028 and 2031.
An agreement focused on Asia
The decision to extend the agreement underscores the strength of the relationship between Vitol and BEST, as well as the relevance of the relevance of liquefied natural gas as a source as a source of regional energy security. Vitol, one of the world’s leading global energy traders, will use these cargoes to strengthen its flexible and reliable supply to Asian customers.
From BEST, its executive director, Yang Mulia Hajah Sharidatul Maryani Binti Hj Md Saidin, said that this step reaffirms the operational capacity of Brunei’s state-owned company.
Brunei, a stable player in the energy market
The extension of the agreement reinforces Brunei Darussalam’s position as a reliable LNG exporter. Its energy industry seeks to adapt to changes in the international market through strategic alliances with companies such as Vitol, which also boosts its local economy.
For his part, Pablo Galante Escobar, head of LNG and Gas & Power for EMEA at Vitol, stressed that the company values the collaboration with BEST and sees opportunities to further expand cooperation with the Asian country.
Energy stability in a changing context
In a global scenario where countries are seeking to diversify sources of supply, agreements such as the Vitol and BEST one allow for the consolidation of stable and predictable stable and predictable energy routes. In addition, the commitment to planned deliveries until 2031 reinforces the importance of LNG as a key alternative within the energy transition.
The natural gas sector continues to be a strategic player for emerging markets in Asia, and Brunei aims to remain a relevant partner thanks to its specialized production and logistics capabilities.
Source: Vitol
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