ADNOC Extends LNG Supply Deal to 2040

The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it has agreed, in principle, to extend gas supplies to ADNOC LNG to 2040.

The new gas supply agreement is scheduled to take effect from April 1, 2019, replacing an existing agreement, due to expire on March 31, 2019, ADNOC said in a statement.

ADNOC also said that it had signed seven term agreements for the sale of over 4.2 million tonnes per year of LNG as it diversifies its LNG customer portfolio.

(Reporting by Rania El Gamal; Editing by Susan Fenton)