ADGAS And BP Sign LNG Sale And Purchase Agreement

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16 October 2002

The Abu Dhabi Gas Liquefaction Company (ADGAS) announced that it has reached agreement with BP for the Sale and Purchase of up to 750,000 tonnes per year of LNG for a four year period.

LNG shipments will be delivered on an FOB basis to markets in Spain using BP shipping capacity which will include BP's new LNG vessel British Innovator due to be launched in March 2003.

The agreement was signed by Mr Rashid Saif Al Jarwan, GM, for ADGAS, and Mr D. Rotenberg, President Global LNG, for BP.

Mr Al Jarwan said : "Since the establishment of ADGAS, BP has been one of its major shareholders and over the years the relationship between ADGAS and BP has flourished. The new agreement has further strengthened this relationship and added new aspects of cooperation between the two companies. It also reflects the confidence in ADGAS as a reliable company producing and exporting LNG which is the most environmentally friendly source of energy."

Mr Rotenberg said "The world of LNG and marketing is slowly changing. Short term contractual agreements such as this between our two companies reflect the new dynamic LNG market and they now feature alongside more traditional long-term and strategic business relationships between the buyers and sellers. This agreement will provide additional flexibility to our LNG marketing portfolio and enabling us to meet our customer needs."

Also present at the signing, Dr Michael Daly, President, BP Gulf States and Pakistan confirmed: "We are delighted with this agreement which is an example of BP's deep local relationships. After a long and fruitful period as a supportive partner to ADGAS, we are particularly pleased to become a customer for its LNG."

Notes To Editors:

  • ADGAS is owned by the Abu Dhabi National Oil Company (70%); Mitsui (15%); BP (10%) and TotalFinaElf (5%)
  • BP is one of the world's largest energy companies with major global gas interests and significant LNG activities in Trinidad & Tobago , Abu Dhabi, Australia and Indonesia. BP has gas customers in 26 countries around the world

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