a company "IRH" It provides liquefied natural gas supplies for 20 years from the project "Amigo" In Mexico
ABU DHABI, 1st April, 2017 (WAM) – International Resources Holding – IRH, which is based in Abu Dhabi and specializes in investing in the natural resources sector and is a subsidiary of the 2 Point Zero Group, has signed a 20-year sale and purchase agreement for liquefied natural gas with AMIGO LNG in Mexico, a major project affiliated with the LNG Alliance, ensuring long-term supplies to support the growing global demand for energy.
Under the agreement, International Resources Holding will purchase one million tons per year of liquefied natural gas from the Amigo export project in Guaymas, Sonora state.
It is expected that supply operations will begin with the liquefaction unit entering the commercial operation phase during the second half of 2028.
This deal contributes to supporting International Resources Holding’s strategy towards securing stable supplies of liquefied natural gas by diversifying its sources geographically. The location of the Amigo project on the western coast of Mexico also provides a direct path to Asian markets without passing through the Panama Canal, which limits the impact of one of the most prominent global shipping challenges, and contributes to improving the efficiency and cost of supplying liquefied natural gas to the Asian continent.
Mexico continues to consolidate its pivotal position as a strategic center in the liquefied natural gas market, thanks to its location on the Pacific Ocean, which allows diversifying global supply routes and enhancing energy security for international buyers.
Ali Rashid Al Rashidi, CEO of International Resources Holding, said: This agreement represents an important milestone in strengthening our portfolio in the field of long-term international trade in liquefied natural gas. By securing supplies from the Pacific Basin at competitive prices, we are working to enhance the flexibility and diversity of our commercial activities at the global level, in addition to expanding our ability to meet the needs of major markets that are witnessing rapid growth. As a company based in the UAE, this partnership reflects our commitment to supporting the growing role of the UAE as a global center. Energy and trade, by building strategic relationships that contribute to shaping new features of international energy markets.
He added: The west coast of Mexico offers a stable route for LNG supplies to Asia, without relying on major shipping lanes such as the Panama Canal. Through our partnership with Amigo LNG, we contribute to enhancing energy security at the global level, while ensuring reliable and competitive supplies that reach international markets.
For his part, Dr. Muthu Chejian, CEO of Amigo LNG, said: This agreement reflects the growing role that Mexico can play in strengthening global LNG supply chains. By linking the Pacific coast of Mexico with global energy partners such as International Resources Holding, we are working to develop new and effective supply routes, which strengthens the energy security system at the global level and supports long-term demand.
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