Vitol signs LNG supply deal with Venture Global

Oil and gas trading firm Vitol has signed a binding agreement to purchase around 1.5 million mt/year of LNG from US-based producer Venture Global over five years from 2026.

IMAGE: LNG tanker at a gas terminal. Getty Images

Vitol has a major cargo trading business, which includes LNG, and it is likely that the volumes of this agreement could be earmarked for cargo trading.

However, some of it could also be directed towards bunkering, as the firm moved to strengthen its “future of LNG bunkering” through new vessel commitments in 2024.

Through its shipping arm, Vitol International Shipping, the company signed a 7–10 year time charter with Avenir LNG for a 20,000 cbm vessel. The vessel is under construction and is expected to be delivered by the end of this year.

Separately, Vitol has ordered two additional bunker vessels from CIMC SOE in China. A 12,500 cbm vessel is due for delivery by the end of 2026, followed by a 20,000 cbm vessel in 2027.

Meanwhile, Venture Global has one operational LNG plant and two others at different stages of development, according to its website. The company “now has a total contracted capacity of over 49 MTPA [million mt/year], or nearly all of its nameplate capacity, across its three projects in Louisiana,” it added.

By Konica Bhatt

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