Glencore signs multi-year contract with Angola LNG

AngolaLNG1Angola is the second-largest oil producer in Sub-Saharan Africa, aiming to export LNG products to international market. (Image source: Angola LNG)The Anglo-Swiss multinational commodity trading group Glencore has announced that it will to buy liquefied natural gas (LNG) supplies from Angola LNG in a multi-year period

In a statement to Reuters, Angola LNG said that the deal is expected to help in building the company’s sales book with the most important players in the LNG market across the globe.

Recently, Angola LNG has signed an offtake multi-year deal with Vitol for the supply of LNG. It has also entered into a contract with Germany’s RWE to delver LNG products.

The source reported that the country has been selling all of its LNG through competitive tenders in the global spot market. The reason is, partly, because of the fact that an earlier plan to ship LNG to the US fell through due to the US shale gas boom.

Headquartered in Soyo, Angola LNG plant is a single train facility with production capacity of around 5.2mn tonnes per year. The plant uses ConocoPhillips' proprietary natural gas liquefaction technology. In addition to LNG, it also produces propane, butane and condensate.

Glencore is one of the world’s largest diversified and vertically-integrated commodity producers, processors and traders. The company aims to market and distribute the industrial, automotive, construction, steel, power generation, oil and food processing industries to international customers. It has a number of production facilities across the world for supplying metals, minerals, crude oil, oil products, coal, natural gas and agricultural products.

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