Eni Secures 10-Year LNG Deal With Thailand’s Gulf Development Company

Core Insights - Eni has signed a 10-year sales agreement to supply 0.8 million tons per annum of LNG to Thailand's Gulf Development Company, starting in 2027 [1][2] - This agreement builds on a previous two-year contract for 0.5 MTPA beginning in 2025, highlighting the increasing demand for imported gas in Thailand [2][3] - The contract marks Eni's first long-term LNG supply to Thailand, aiming to expand its global LNG portfolio to approximately 20 MTPA by 2030 [3] Company Strategy - The agreement reflects Eni's strategic effort to diversify its LNG customer base and secure long-term contracts in high-growth Asian markets [2][3] - Eni is accelerating the development of its LNG marketing arm amid rising demand from Asian buyers seeking to secure volumes [4] Market Context - Thailand is experiencing a decline in domestic gas production, leading to a greater reliance on imported LNG to ensure a stable fuel supply for its power sector [2][3] - The deal is part of a broader trend of Eni's recent supply agreements in Asia and the Mediterranean, indicating a proactive approach to market dynamics [4]