Oman’s Foreign Ministry announced the signing of this MoU, along with three other agreements, in a statement on Wednesday.
The signings took place in Madrid.
Under the memorandum, Naturgy aims to explore and discuss a long-term LNG sale and purchase agreement, which may include the supply of up to one million tons annually for 10 years starting from 2030, according to the ministry.
In addition, the two companies will also seek a joint investment in building an LNG carrier in cooperation with Asyad for maritime transport, purchase LNG shipments from Naturgy to continue meeting the needs of the European market, and study opportunities for access to European regasification terminals and associated gas pipeline networks to enhance LNG imports and subsequent sales, cooperating in this field to develop global commercial opportunities, the ministry said.
Naturgy is a long-term buyer of LNG from Oman LNG’s Qalhat plant, and its contract began in 2005, according to GIIGNL data.
Oman LNG currently operates three liquefaction trains at its site in Qalhat near Sur.
However, it also plans to expand the facility with a new train.
The new train will have a capacity of 3.8 mtpa, boosting Oman’s LNG production to 15.2 mtpa.
In 2023, Oman LNG signed shareholding deals with international companies, including Shell and TotalEnergies.
Besides Oman LNG and Qalhat LNG shareholding agreements, Oman LNG, in which the government of Oman holds 51 percent, also signed a gas supply agreement with state-owned Integrated Gas Company (IGC) to extend the gas supplies beyond 2024.
Oman LNG delivered 181 cargoes of liquefied natural gas from its Qalhat complex in 2024, up by eight cargoes compared to the year before, while its revenue increased to $6.5 billion.
