IRH, Delfin LNG and Vitol Sign 20-Year LNG Supply Deal for U.S. Exports
The deal marks IRH’s largest trading transaction to date and advances Delfin’s progress toward a final investment decision on its first floating LNG vessel.
(P&GJ) — International Resources Holding RSC Ltd. (IRH), a subsidiary of ePointZero, has signed a 20-year Heads of Agreement (HoA) with Delfin LNG LLC and Vitol Inc. for the purchase and sale of 1 million tonnes per year of liquefied natural gas (LNG) from Delfin’s U.S. export facility.
Under the agreement, Delfin LNG will supply LNG on a free-on-board (FOB) basis to Vitol, which will then deliver the volumes to IRH Global Trading (IRHGT), IRH’s trading arm. Definitive agreements are expected in the coming weeks.
The deal marks IRH’s largest transaction to date for its energy trading division and strengthens ePointZero’s integrated energy strategy, supporting downstream operations across its portfolio.
“This transaction is a major milestone in the development of IRHGT’s global LNG portfolio,” said Ali Rashed AlRashdi, CEO of IRH. “We are pleased to collaborate with Delfin and Vitol to help bring the project to Final Investment Decision soon. As part of our vision to build an integrated global trading platform headquartered in Abu Dhabi, IRHGT is actively expanding its presence across physical and financial markets in natural gas, power, crude oil, refined products, metals, and equities.”
Mohamed Hesham, CEO of ePointZero, added: “This agreement represents another step forward in building an integrated, future-ready energy platform. By securing reliable resources through long-term partnerships, we secure the downstream operations of ePointZero Group and ensure energy resilience for our ecosystem.”
Dudley Poston, CEO of Delfin, said: “It’s an honor to have been selected by IRHGT and Vitol as a long-term liquefied natural gas supplier, and we look forward to working together as we make Final Investment Decision on the first FLNG Vessel in the coming weeks.”
Pablo Galante Escobar, Global Head of LNG and European Gas & Power at Vitol, noted: “We are excited to conclude this agreement with IRHGT and Delfin. Vitol continues to strengthen its position to safely and reliably deliver cost-effective, flexible LNG solutions to our customers around the world.”
The long-term deal follows a series of strategic moves by IRH, including its AED 1.35 billion acquisition of a 56% stake in Alphamin Resources, one of the world’s largest tin producers, and a memorandum of understanding with ePointZero to decarbonize mining operations.