Vitol announced the new deal in a statement on Thursday.
The original agreement, signed in 2022 with deliveries commencing in 2023, established a supply of approximately 0.4 million tonnes per annum (mtpa) to Vitol’s Asian operations over a five-year term.
Under the newly signed extension, BEST will continue to supply Vitol with up to four LNG cargoes per annum from 2028 through 2031, according to Vitol.
This extension reflects the “deep level of trust and operational excellence” established between BEST and Vitol.
“It further highlights BEST’s growing role as a premier energy services provider and Brunei Darussalam’s reputation as a dependable source of LNG in the international market,” Vitol said.
BEST is a part of state-owned Brunei Energy Holdings.
Bruniei has the 6.7 mtpa LNG export plant in Lumut, one of the world’s oldest LNG export facilities.
UK-based LNG giant Shell and Mitsubishi each have a 25 percent share in the facility, while the Brunei government holds 50 percent.
This facility mostly ships LNG to Japan and South Korea.
On the other hand, Vitol has been trading LNG for over 20 years.
Vitol’s LNG volumes grew to about 18 million tonnes of LNG in 2024 as demand increased and prices moderated from the peaks of 2022 and 2023.
The trading firm boosted its LNG volumes in 2023 to about 17 million tonnes of LNG on the back of higher demand in Europe.
Vitol previously reported LNG volumes of about 14 million tonnes in 2022, 12.9 million tonnes in 2021, 10 million tonnes in 2020, and 10.5 million tonnes in 2019.
