Abu Dhabi's ADNOC signs 10-year LPG sale deal with Vitol

The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had signed a deal with Vitol for the supply of 528,000 tonnes per year of liquefied petroleum gas (LPG) over the next 10 years.

The long-term agreement backdates to January and will expire on Dec. 31, 2026, a company statement said.

"ADNOC has implemented a new strategy toward its LPG sales by negotiating longer-term contracts to cope with the oversupply market, especially after the shale gas evolution," Abdulla Salem Al Dhaheri, ADNOC sales and marketing director, said in the statement.