Vitol to buy LNG from Merakes LNG Sellers

Commodities trader Vitol has successfully concluded a three-year agreement to buy 0.55mn metric tons/year LNG from Merakes LNG Sellers, Vitol announced on June 29. The LNG supply will originate from the Bontang LNG plant in Indonesia.

Under the terms of the deal, Vitol Asia will receive LNG supply from the Merakes LNG Sellers, with deliveries set to start in 2024. The LNG supply will be on a free on board (FOB) basis and there is also an option to extend the contract for an additional year.

The feed gas for production will be sourced from the Merakes field, located in the Makassar Strait, which falls under the East Sepinggan production sharing contract. The Merakes field is jointly owned by Eni, Neptune Energy, and Pertamina.

"These Bontang LNG volumes are highly complementary to our portfolio and further enhance our ability to optimally, safely, and reliably supply our customer base across Asia, while underscoring Vitol's strong historical ties with Indonesia,” Mike Muller, the head of Vitol Asia, stated.

Vitol said it has been steadily expanding its global footprint. In the previous year alone, the company traded 13.7mn mt of LNG worldwide.