International Resources Holding (IRH) has signed a 20-year Heads of Agreement with Delfin LNG and Vitol for the purchase and sale of 1.0 million tonnes per annum of liquefied natural gas (LNG) from Delfin’s export facility in the United States.
Under the arrangement, Delfin will supply LNG to Vitol on a free-on-board (FOB) basis. Vitol will act as the offtaker and deliver the volumes to IRH Global Trading, IRH’s global trading arm, for 20 years.
Definitive agreements are expected to be concluded in the coming weeks. IRH described the deal as the largest transaction to date for its energy trading desk.
IRH CEO Ali Rashed AlRashdi said the agreement was a major milestone for the development of IRH Global Trading’s global LNG portfolio. He said the company was expanding across physical and financial markets in natural gas, power, crude oil, refined products, metals and equities.
ePointZero CEO Mohamed Hesham said the long-term partnership would secure resources for the group’s downstream operations and support energy resilience across its ecosystem.
Delfin CEO Dudley Poston said the company was honoured to have been selected by IRHGT and Vitol as a long-term LNG supplier. He said Delfin looked forward to making a Final Investment Decision on its first FLNG vessel in the coming weeks.
Pablo Galante Escobar, Vitol’s Global Head of LNG and European Gas & Power, said the company’s offtake commitments and investment-grade rating would help Delfin move towards financial close.
