2026-10-08
- ADNOC (Abu Dhabi National Oil Company), through its trading arm ADNOC Trading, has reportedly signed a multi-year SPA (Sales and Purchase Agreement) with Thailand’s Gulf Group to supply about 2 million tonnes of LNG (Liquefied Natural Gas), announced on Monday, October 5, 2026.
- Deliveries are reported to begin in 2027, while the contract value and the exact contract term have not been disclosed.
- The agreement is reported to follow the first LNG supply agreement between the two companies, signed in 2025.
- ADNOC launched an integrated LNG marketing and trading platform in Abu Dhabi Global Market (ADGM) in July 2026, and the deal is said to have been enabled by that platform.
- ADNOC is reported to target 47 million tonnes per annum (mtpa) of marketable LNG through the platform.
ADNOC has reportedly signed a multi-year LNG supply agreement with Thailand’s energy and infrastructure group Gulf Group for about 2 million tonnes, announced on October 5, 2026. The counterparties are said to be ADNOC Trading, the trading subsidiary of ADNOC, and Gulf Development Public Company Limited of Gulf Group. Deliveries are reported to start in 2027, and commercial terms such as the contract value and the exact term were not disclosed. The agreement is known to continue the relationship that began with the first LNG supply agreement between the two companies in 2025. Although this is a supply contract rather than a plant construction project, it is described as linked to the downstream value chain of LNG import terminals and gas-fired power generation in Thailand.
The deal is described as a multi-year SPA in which ADNOC Trading acts as seller and Gulf Group as buyer. In the announcement, ADNOC reportedly said the agreement reinforces its commitment to ensuring reliable energy supplies to Thailand and its Asian customers. Nasser Al Muhairi, Acting CEO of ADNOC Downstream Industry, Marketing & Trading, is quoted as saying that “this agreement builds on our first LNG supply agreement with Gulf Group.”
On the Gulf Group side, Sarath Ratanavadi, CEO of Gulf Development, reportedly described the deal as reflecting “a diversified, resilient LNG portfolio anchored by our trading business.” He is said to have stated that the group is strengthening every link of its value chain by securing midstream infrastructure, shipping capacity and supplier relationships. Gulf Group is described as a conglomerate with businesses in energy, ports and logistics, digital services, telecommunications, satellite operations and power generation.
The agreement is said to have been concluded within the framework of the integrated LNG marketing and trading platform that ADNOC launched in ADGM in July 2026. The platform is known to combine the LNG marketing of ADNOC Gas and XRG with the capabilities of ADNOC Trading. ADNOC Trading reportedly remains the counterparty for LNG trading activities, and it is said to operate offices in Abu Dhabi, Singapore and Geneva and to have built a third-party LNG portfolio over the past four years.
Regarding Gulf’s import infrastructure, a January 2025 report said that, through a joint venture with PTT, Gulf holds rights to develop Phase 3 of the Map Ta Phut industrial port project in Rayong province, Thailand, and can design, build and operate an LNG terminal with annual capacity of up to 10.8 million tonnes. A report from the same period said that Gulf LNG received its first LNG cargo at the Map Ta Phut LNG terminal, which was to be regasified and injected into the PTT natural gas pipeline system to supply Gulf Group’s power plants. The new LNG terminal at Phase 3 of the Map Ta Phut port is reported to be scheduled for completion in 2027.
- Contract volume: about 2 million tonnes of LNG (some headlines reportedly say “up to 2 million tonnes”).
- Delivery start: 2027.
- Contract type: multi-year SPA; the value and exact term were not disclosed.
- Announcement date: Monday, October 5, 2026.
- ADNOC’s LNG marketing and trading platform launch: July 2026, in ADGM.
- ADNOC target for marketable LNG: 47 mtpa.
- ADNOC Gas LNG delivery record: more than 3,500 cargoes worldwide, according to reports.
- Ruwais LNG: 9.6 mtpa from two trains, targeted for commercial operation in 2028, with over 90% of capacity already committed.
- ADNOC Gas operated capacity: expected to reach about 15 mtpa, including Ruwais LNG.
- INPEX agreement: in July 2026, INPEX reportedly agreed to a 15-year deal for 1 million tonnes per annum from Ruwais LNG.
- Map Ta Phut Phase 3 LNG terminal: rights for up to 10.8 million tonnes per year, with completion targeted for 2027.
Timeline
- January 2025: Gulf LNG reportedly received its first LNG cargo at the Map Ta Phut LNG terminal, which ADNOC Gas described as the first direct LNG delivery from ADNOC Trading to Thailand.
- 2025: ADNOC and Gulf Group signed their first LNG supply agreement.
- July 2026: ADNOC launched its integrated LNG marketing and trading platform in ADGM. In the same month, INPEX reportedly agreed to a 15-year deal for 1 million tonnes per annum from Ruwais LNG.
- October 5, 2026 (Monday): ADNOC Trading and Gulf Group announced a multi-year LNG SPA for about 2 million tonnes.
- 2027: Deliveries under the new agreement are scheduled to begin, and the Map Ta Phut Phase 3 LNG terminal is scheduled for completion.
- 2028: Ruwais LNG is scheduled to start commercial operations.
Note
An SPA (Sales and Purchase Agreement) is a long-term contract form in LNG trade in which seller and buyer set volume, delivery period and price formula, according to industry usage. mtpa (million tonnes per annum) is a unit meaning one million tonnes per year, used to express LNG production and import capacity.