• 2022 July 15 14:52

    Delfin signs LNG sale and purchase agreement with Vitol Inc.

    The binding SPA for LNG supply from Delfin Deepwater Port LNG Export Facility represents major milestone for Company

    Delfin Midstream Inc (“Delfin”) says it has finalized a binding liquified natural gas (“LNG”) sale and purchase agreement (“SPA”) with Vitol Inc. (“VIC”), the Americas-based affiliate of Vitol, which is the world’s largest independent trader of energy. In addition to the SPA, Vitol has finalized a strategic investment in the company.

    Under the SPA, Delfin will supply 0.5 million tonnes per annum (“mtpa”) on a free on-board (“FOB”) basis at the Delfin Deepwater Port 40 nautical miles off the coast of Louisiana to VIC for a 15-year period. The SPA is indexed to Henry Hub benchmark. The agreement is valued at approximately $3 billion in revenue over 15 years.

    In addition to the VIC agreement, Delfin has signed other HOAs and Term Sheets that are being finalized into fully termed agreements. As a modular project requiring only 2.0 to 2.5 MTPA of longterm contracts to begin construction, Delfin is on schedule to make Final investment Decision on the first FLNG vessel by the end of this year.

    Delfin Midstream Inc. (“Delfin”) is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of the Delfin LNG LLC (“Delfin LNG”) and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States for up to 13 MTPA.

    Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. It trades 7.6 million barrels per day of crude oil and products, and charters circa 6,200 ship voyages every year. Vitol’s clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: 16 m m3 of storage globally, 500 k b/d of refining capacity, over 6,800 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2021 were $279 billion.


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