Oman signs LNG supply contract with BP Singapore
State-controlled joint venture energy firm Oman LNG and BP Singapore have signed a major Sales and Purchase Agreement (SPA) for the supply of LNG to BP Singapore. The free-on-board (FOB) contract, commencing this month, will span a period of seven years for lifting 1.1 million tonnes per annum (mtpa), equivalent to approximately 18 LNG cargoes annually. According to market observers, the agreement is buoyed by the existing robust partnership between Oman LNG and BP and the sultanate will be able to boost its export revenues to support its sagging economy. According to Emirates News Agency (WAM), the signing event took place in the capital of Oman, Muscat. High ranked officials and senior executives from the Oil and Gas industry of the region attended the ceremony. The report quoted Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and chairman of Oman LNG as saying that this new agreement will not only unlock additional reserves but will also sustain and expand our LNG business. Oman will continue to be a global preferred destination for sourcing clean energy.