INEOS Energy has signed a liquefied natural gas (LNG) supply agreement with Marubeni Corporation for delivery into Asian markets, marking the company’s first LNG deliveries into the Pacific Basin.
Under the agreement, INEOS Energy will supply LNG on a Delivered Ex-Ship (DES) basis, providing reliable and flexible access to LNG for key Asian markets.
The agreement represents an important milestone in INEOS Energy’s LNG growth strategy, extending its portfolio beyond the Atlantic Basin into one of the world’s most dynamic LNG demand regions.
David Bucknall, CEO of INEOS Energy, said: “This agreement with Marubeni marks an important milestone for INEOS as we expand our LNG activities into Asia. The Pacific Basin is a key growth market for LNG and this deal provides a platform for growth in the region.
We continue to build a diversified and flexible LNG portfolio and are delighted to have Marubeni as a strong and established partner.”
Masahiro Yamazaki, Chief Operating Officer, Energy & Chemicals Div of Marubeni Corporation said: “We are grateful to conclude this agreement with INEOS Energy and looking forward for the collaboration in the global LNG sector.”
Asia continues to be a key global LNG demand centre, underpinned by structurally growing energy requirements and fuel switching across the power and industrial sectors. This agreement supports continued access to secure and flexible LNG supply in the region.
The transaction further reinforces INEOS Energy’s strategy to develop a globally diversified LNG portfolio, spanning Atlantic and Pacific Basin markets, and to provide reliable energy solutions to customers worldwide.
ENDS
Press contacts:
INEOS Agency ineos@firstlightgroup.io
Richard Longden richard.longden@ineos.com +41 7996 26123
Peter Hindsberger (peter.hindsberger@ineos.com)
About INEOS Energy
INEOS Energy is the energy division of INEOS, a multinational chemical company that operates across a variety of industries including petrochemicals, specialty chemicals, and oil and gas. The business was established in 2020 to oversee the company's growing portfolio of energy-related businesses, which includes exploration and production, as well as trading of oil and gas.
The company's exploration and production activities focus on onshore and offshore oil and gas assets in the North Sea, in the UK, Denmark and USA. In recent years, it has made investments in low-carbon technologies, including Carbon Capture and Storage, and hydrogen.
INEOS Energy leads a consortium which completed the world’s first cross border offshore carbon capture and storage project. The Greensand project has potential sequestration volumes of 1.5 million tonnes of CO2 per year by 2025, increasing to a potential 8 million tonnes of CO2 per year by 2030.
In 2022 we integrated our business with INEOS Energy Trading. More recently the trading division has added LNG and carbon credits to the portfolio. The trading team also work closely with INEOS Shipping division, whilst also providing qualified expertise to the wider INEOS group. We believe the two arms of the Energy trading and upstream business units work nicely in tandem with one another to bring the best value for our customers and to confidently operate through the energy security and transition eras.