Global energy company Santos has signed a mid-term liquefied natural gas (LNG) supply contract with Glencore Singapore.
Announced today (4th September), the deal will see Santos supply Glencore with around 0.5 million tonnes per annum on LNG over a three-year period, plus one quarter.
The volume of LNG to be supplied is the equivalent to around 19 LNG cargoes.
Under the contract terms, supply will begin in Q4 2025 from Santo’s global portfolio.
Kevin Gallagher, CEO and Managing Director of Santos, described the contract as a great opportunity for both companies to leverage their expertise in Asian LNG markets.
“There continues to be extremely strong demand in Asia for high heating value LNG from projects such as Barossa and PNG LNG. Santos in committed to supporting the energy security of our valued customers across Asia.”
Earlier this year, Santos signed a similar LNG supply and purchase agreement with Japan’s Hokkaido Gas.
Read more: Santos signs 10-year LNG deal with Hokkaido Gas
Under the contract terms, Santos will supply 0.4 million tonnes per annum of LNG to Hokkaido Gas from its global assets over a 10-year period, beginning 2027.
According to a recent report published by Statista, among the 12.3 billion cubic meters of natural gas that were consumed in Singapore in 2023, around four billion cubic meters came from LNG imports.
Read more: US supply and Asian demand to lead LNG growth in 2024
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