INEOS Energy has signed an LNG supply agreement with Japan’s Marubeni Corp, marking the British petrochemicals company’s first entry into the Asia-Pacific LNG market. Deliveries are set to begin in 2029, with Marubeni distributing supply across key Asian markets. Neither the contracted volume nor the duration of the agreement was disclosed.
INEOS and Marubeni Sign Asia-Pacific LNG Supply Deal
The agreement confirms that deliveries will be made on a delivered ex-ship basis, meaning INEOS retains responsibility for each cargo until it reaches the destination port. That structure gives Marubeni the flexibility to route supply across multiple Asian markets rather than a single fixed location.
Commercial details — contracted volume, supply duration, pricing terms — were not released. Keeping tonnage and pricing out of public view is standard practice in early-stage LNG agreements.
Why INEOS Is Targeting Asian LNG Markets
INEOS pointed to structurally growing energy requirements across Asia as the primary rationale for the deal. Fuel switching in both the power and industrial sectors is driving regional LNG demand, making the Pacific Basin a logical next step for commercial expansion.
INEOS Energy CEO David Bucknall described the Pacific Basin as a “key growth market” for LNG, framing the Marubeni agreement not as a standalone transaction but as a foundation for broader regional activity. The deal fits within INEOS Energy’s stated strategy to build a globally diversified LNG portfolio spanning both Atlantic and Pacific Basin markets — reducing exposure to any single region or customer base.
Marubeni to Distribute LNG Across Key Asian Markets
Marubeni, a Japanese trading and investment conglomerate, will handle distribution to “key Asian markets” once supply begins in 2029. Its regional reach makes it a practical partner for an LNG supplier looking to establish footholds across multiple Asian buyers simultaneously.
This is only the second LNG supply agreement INEOS has announced with a customer. The first was with Covestro AG, a Germany-based polymers producer, under which INEOS will supply LNG for up to eight years starting in 2027, with gas going to Covestro’s European facilities. Volumes were not disclosed in that deal either.
The two agreements serve distinct purposes — the Covestro deal addresses European industrial demand, while the Marubeni deal opens the Pacific Basin. Together, they reflect a deliberate effort to build a customer base across two separate continents.
Port Arthur LNG: INEOS’s Upstream Supply Source
INEOS entered the LNG business in 2022 by signing a 20-year offtake agreement with Sempra Infrastructure covering approximately 1.4 million metric tons per annum from Port Arthur LNG, an export facility under construction in Texas.
Phase I of Port Arthur LNG — trains 1 and 2 — reached its final investment decision on March 20, 2023. Sempra Infrastructure expects train 1 to start up in 2027 and train 2 in 2028, with the facility holding an export permit equivalent to roughly 13.5 MMtpa of LNG. Phase II, also consisting of two trains authorized to export the same volume, received its final investment decision on September 24, 2025. INEOS’s offtake agreement includes an additional 200,000 metric tons per year sourced from that second phase, bringing its total contracted volume from the project to approximately 1.6 MMtpa.
The 2029 start date for Marubeni deliveries aligns with the expected commissioning timeline for Port Arthur LNG’s first two trains, suggesting INEOS has structured its customer commitments around the facility’s projected output schedule.
200,000 Metric Tons Added in Phase II
INEOS Energy has signed an LNG supply agreement with Japan’s Marubeni Corp, with deliveries set to begin in 2029 on a delivered ex-ship basis. The deal marks INEOS’s first commercial entry into the Asia-Pacific LNG market and is only its second announced customer supply agreement overall.
Upstream supply will come from Port Arthur LNG in Texas, where INEOS holds a 20-year offtake agreement with Sempra Infrastructure for approximately 1.4 MMtpa, plus an additional 200,000 metric tons per year from Phase II. Phase I trains are expected online in 2027 and 2028; Phase II received its investment decision in late 2025.
The contracted volume and duration of the Marubeni deal remain undisclosed. INEOS has described the Pacific Basin as a key growth market and indicated the agreement is intended as a platform for further regional expansion.
Carlos is an engineer with strong expertise in technical and industrial topics. He previously worked at international companies such as Siemens and speaks Spanish, German, English, and Italian.
