CNOOC orders 2.6 million tons of liquefied natural gas

13:27, October 11, 2010      

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The China National Offshore Oil Company, Ltd. (CNOOC) agreed Saturday to buy 2.6 million tons of liquefied natural gas (LNG) from French utility GDF Suez SA.

The deal, signed in Shanghai with CNOOC's wholly-owned CNOOC Gas and Power Group, calls for France's partially state-owned gas and electric company to provide the LNG over four years beginning in 2013. The agreement with CNOOC follows two other LNG supply deals made recently by the French company.

Using relatively-clean LNG in place of coal is seen as one way to help reduce China's carbon emissions. The deal is the latest in a string of agreements China has signed with gas suppliers in line with efforts to become less dependent on coal.

According to CNOOC, adding a medium-term contract can help the company to diversify its supply sources and avoid risks.

"CNOOC is very pleased to sign this medium-term agreement with GDF Suez. This new contract will contribute to energy saving, emission reduction and the development of the low-carbon economy in China," said Wang Jiaxiang, assistant president of CNOOC Gas and Power Group.

By Huang Beibei, People's Daily Online


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