Abu Dhabi National Oil Company (ADNOC) announced on Monday a $1 billion deal to provide liquefied natural gas (LNG) to France's TotalEnergies, under three-year supply agreement. The three-year deal is expected to commence in 2023 and will run through 2025, reinforcing both companies' positions as key players in the global LNG market, according to the statement. Under the agreement, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world, as Europe scrambles to find alternatives to Russian energy sources. The deal will strengthen TotalEnergies global LNG portfolio, its ability to supply the growing Asian markets, and its ambition to accompany customers in their energy transition, the statement added. "Our new LNG supply agreement with TotalEnergies represents another significant milestone in our strategy to expand our global reach," Ahmed Alebri, CEO of ADNOC, said. Alebri further added that the agreement reflects ADNOC commitment to meeting the needs of its customers by offering supply security, price competitiveness, and flexibility. For his side, Thomas Maurisse, Senior Vice President LNG at TotalEnergies, said "we are pleased to have signed this three-year contract with our long-standing strategic partner."
