Muscat, January 20 (QNA) - Oman LNG and BP Singapore Pte. Ltd announced the signing of a major Sales and Purchase Agreement (SPA) for the supply of LNG to BP Singapore. The announcement was made by Harib al-Kitani, Oman LNGs Chief Executive Officer (CEO), and Jonathan Shepard, Chief Operating Officer (COO) of BP LNG, under the patronage of Dr. Mohammed al-Rumhy, Minister of Oil and Gas, Chairman of Oman LNG.

The SPA, a Free-on-Board (FOB) contract starting January 2018, will span over a period of seven 7 years lifting 1.1 million tonnes per annum (mtpa), which is equivalent to approximately 18 LNG cargoes annually. It will be a significant boost to the global LNG market where Oman LNG currently contributes a significant amount, Oman news agency ONA reported.

"This new agreement will not only unlock additional reserves but will also sustain our LNG business and expand our LNG business. Oman will continue to be a global preferred destination for sourcing clean energy," said Dr. Mohammed bin Hamad al-Rumhy, Minister of Oil and Gas, Chairman of Oman LNG. He continued, "The revenues from this transaction will benefit Omans national economy and boost our GDP, will also boost efforts towards In-Country Value and Corporate Social Responsibility, all of which are significant drivers to the socio-economic fabric of the Sultanate". (QNA)