Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied natural gas a year, starting from 2026.
The agreement with the German company is based on a four-year contract, Oman News Agency reported on Monday.
“The term-sheet signing with SEFE marks another milestone. Going further, the agreement leverages our constant efforts to add value to Oman’s economy through growth and collaborations,” said Mahmoud Al Balushi, chief commercial officer of Oman LNG.
Competition for LNG has increased since Russia's invasion of Ukraine last year, with Europe importing record volumes of the supercooled fuel to replace Moscow's gas supplies.
Global LNG trade hit a high of $450 billion in 2022 amid a surge in European demand, the International Energy Agency said.
Despite a rise in demand, LNG supply grew by only 5.5 per cent last year, mostly due to maintenance at large export terminals and the closure of Freeport LNG’s Texas-based plant – one of the world’s largest export centres of the fuel – after an explosion.
EU gas storage sites could reach full capacity by the middle of September, the IEA said in a report last month.
However, a cold winter and a halt in Russian gas supplies could lead to market tension, the state news agency said, adding “fierce” competition for gas exports may arise due to colder weather in North-East Asia and stronger-than-expected economic growth in China.
The deal between SEFE and Oman LNG marks "a significant milestone for both entities”, said Egbert Laege, chief executive of SEFE.
Oman’s LNG production surged 4 per cent to a record 10.6 million tonnes in 2021.
Oman LNG is 51 per cent owned by the state. Other shareholders are Shell Gas with a 30 per cent stake, TotalEnergies, Korea LNG, Mitsubishi Corporation, Mitsui and Company, Partex Corporation Oman and Itochu.
Last year, QatarEnergy signed two sales and purchase agreements with ConocoPhillips to deliver up to two million tonnes per annum of LNG to Germany.
A ConocoPhillips unit will buy the agreed quantities to be delivered to the German LNG terminal, which is currently under development in Brunsbuttel, with deliveries expected to start in 2026.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
