Natural gas company, Tellurian, has announced finalisation of a liquefied natural gas (LNG) sales and purchase agreement (SPA) with energy and commodities company, Vitol.

The agreement is for three million tonnes per annum (mtpa) on a free on board (FOB) basis at Driftwood LNG.

Octávio Simões, President and CEO of Tellurian, said, “Vitol expressed interest in the development of Driftwood early on, and it is fulfilling to finalise this agreement with the world’s largest independent trader of energy.”

“As the world electrifies and our population grows, the demand for reliable, low-cost energy will continue to increase.”

Speaking about the benefits of the partnership, Ben Marshall, CEO of Vitol, added, “Vitol’s business continues to grow and evolve in the Americas and around the world.”

“This agreement will make Vitol one of North America’s largest exporters of natural gas, providing our customers with cost effective and cleaner fuel solutions.”

The agreement is valued at approximately $12bn in revenue over 10 years.