Commodities trader Vitol has signed a 10-year deal with Nigeria Liquefied Natural Gas (NLNG) to buy 500,000 tonnes of LNG per year, ramping up its long-term presence on the market.
Commodity houses, including Vitol rivals Trafigura and Gunvor, are increasingly expanding their traded spot cargo volumes with multi-year LNG deals as a global push for cleaner energy helps the market grow and mature.
“The agreement underscores NLNG’s drive...to deliver LNG on a global scale in a low carbon world where gas/LNG will continue to be the preferred complementary energy source alongside renewables,” Vitol said in a statement…
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