Alba secures decade-long gas supply agreement with Bapco Energies

"Securing a 10-year Natural Gas Supply Agreement marks a significant chapter for Alba", remarked Khalid Al Rumaihi, Chairman of the Board at Alba, during the Signing Ceremony held with Bapco Upstream, a wholly-owned subsidiary of Bapco Energies, on January 23, 2024, at Al Dana Hall, Alba.

The signing event saw the presence of Khalid Al Rumaihi, the Chairman of Alba, Eng. Faisal Al Mahroos, Chairman of Bapco Upstream, Ali Al Baqali, CEO of Alba, Johann Pleininger, CEO of Bapco Upstream, along with other officials from Alba.

Effective from January 23, 2024, this Agreement replaces all prior agreements and seamlessly extends the Company's existing contract for natural gas requirements. Notably, the Agreement introduces a stable pricing framework for the initial 5-year term at a rate of US$4 per million British thermal units (MMBTU). Subsequently, the pricing will be subject to determination by the Competent Authority.

To mark this milestone, Al Rumaihi stated, “Five years of stable gas price are just the foundation. This partnership with Bapco Energies lays the groundwork for a future where collaboration and transparency will fuel our sustainable growth.”