INEOS to Supply LNG to Asia under Marubeni Deal

The energy arm of INEOS Group has signed an agreement to supply liquefied natural gas to Marubeni Corp, its first LNG deliveries to the Asia-Pacific region.

The Japanese trading and investment conglomerate will dispatch the supply to "key Asian markets", according to a press release by British petrochemicals company INEOS.

“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", said INEOS Energy chief executive David Bucknall.

INEOS will begin supplying Marubeni, on a delivered ex-ship basis, in 2029. It did not disclose the agreed volume or the supply duration.

"Asia continues to be a key global LNG demand center, underpinned by structurally growing energy requirements and fuel switching across the power and industrial sectors", INEOS noted.

"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", it added.

This is only the second agreement announced by INEOS to supply LNG to a customer.

Last year it signed an agreement with Covestro AG to supply the Germany-based polymers producer, acquired late last year by Abu Dhabi National Oil Co, with LNG for up to eight years from 2027. The LNG will be used at Covestro's facilities in Europe. The companies did not disclose the agreed volume.

Port Arthur LNG

INEOS ventured into the LNG sector 2022 by placing a 20-year offtake from United States producer Sempra Infrastructure. The purchase of about 1.4 million metric tons per annum (MMtpa) will be fulfilled by the under-construction Port Arthur LNG in Texas. The agreement, announced December 1, 2022, provides for an additional supply of 200,000 metric tons a year from the second phase of the project.

Phase I, which consists of trains 1 and 2, holds a permit to export the equivalent of 698 billion cubic feet a year of natural gas, or about 13.5 MMtpa of LNG according to Sempra Infrastructure. It announced the final investment decision (FID) March 20, 2023. Sempra Infrastructure expects to start up trains 1 and 2 in 2027 and 2028 respectively.

Phase II, which will also consist of 2 trains, is authorized to export the same volume. Sempra Infrastructure announced an FID September 24, 2025.

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