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NNPC Ltd. Expands Global Market Presence with LNG Shipments to Japan and China

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In a strategic move to solidify its position as a dynamic and reliable global energy supplier, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has begun shipping Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis. This expansion reflects the company’s commitment to enhancing its global market footprint and service capabilities.

The landmark achievement was realized through the efforts of two of NNPC Ltd.’s Downstream subsidiaries—NNPC LNG Ltd. and NNPC Shipping Ltd. The first DES LNG cargo, transported by the 174,000m³ vessel Grazyna Gesicka, was successfully delivered to Futtsu, Japan, on June 27, 2024. Following this, NNPC Ltd. has also extended its reach to China with the delivery of an additional LNG cargo under the DES terms.

The Delivered Ex-Ship (DES) term requires the seller to deliver the goods at a specified port, with the seller assuming responsibility for shipping and insurance until the cargo reaches the delivery point. This system demands higher efficiency and expertise compared to the Free on Board (FOB) system, reflecting NNPC Ltd.’s advanced capabilities in LNG trading.

Since entering the LNG market in 2021 with its first sale, NNPC Ltd. has traded over 20 LNG cargoes into European and Asian markets on an FOB basis. The move to DES reflects a strategic shift aimed at capturing a larger share of the LNG market while enhancing the company’s global presence.

Mr. Dapo Segun, Executive Vice President of Downstream at NNPC Ltd., highlighted the significance of the DES system: “Beyond its financial advantages, the DES system enables NNPC Ltd. to penetrate the downstream LNG sector, enhance market share, build internal capacities, and strengthen global recognition of our brand.”

The collaboration between NNPC LNG Ltd. and NNPC Shipping Ltd. has bolstered the latter’s reputation as a premier shipping provider in the LNG sector. Panos Gliatis, Managing Director of NNPC Shipping, expressed enthusiasm about future developments: “Our goal is to build a robust shipping portfolio, including owned vessels, to offer our clients the necessary shipping flexibility.”

Looking ahead, NNPC LNG Ltd. and NNPC Shipping Ltd. plan to deliver at least two additional LNG cargoes to the Asian market on a DES basis by November 2024, with further orders anticipated before the year concludes.

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