CNOOC, BP Sign 20-year LNG Supply Deal
    2014-06-18 00:08:31     Xinhua      Web Editor: Fei
China National Offshore Oil Corporation (CNOOC) announced late Tuesday that it had signed a 20-year deal with London-based oil giant BP for liquefied natural gas (LNG) supply.

China National Offshore Oil Corporation (CNOOC) announced late Tuesday that it had signed a 20-year deal with London-based oil giant BP for liquefied natural gas (LNG) supply.

According to the agreement, BP is to supply up to 1.5 million tonnes per annum (mtpa) of LNG from its global portfolio to CNOOC over 20 years starting in 2019, said CNOOC in a statement.

The parties expect to reach a full commercial contract in mid-2014, it added.

Under the witness of Chinese Premier Li Keqiang and British Prime Minister David Cameron, Mr. Wang Yilin, Chairman of CNOOC, and Mr. Dev Sanyal, EVP of BP, signed the agreement, it said.

"The agreement with BP will not only deepen the cooperation between both parties, but also further diversify the LNG supply of CNOOC," the statement quoted Wang as saying.

"CNOOC will continuously strive to acquire competitive natural gas resources around the world, and to make positive contribution to securing clean energy supply as well as protecting ecological environment of China," Wang added.

CNOOC and BP have built sound relationship throughout the LNG value chain since 2001. In its statement, CNOOC hailed the deal as a "new milestone" in the cooperation between the parties.

CNOOC imported more than 13 million tonnes of LNG, accounting for 72 percent of the country's total LNG import, in 2013.

By the end of May 2014, CNOOC had built and put six LNG receiving terminals into operation in Guangdong, Fujian, Shanghai, Zhejiang, Zhuhai and Tianjin respectively, with a total LNG receiving capacity of 24.8 mtpa.

Meanwhile, the Hainan, Shenzhen, Yuedong LNG receiving terminals are under construction and will be commissioned before the end of 2015, CNOOC said.

Also on Tuesday, CNOOC and another oil giant Shell signed a "global strategic cooperation agreement," vowing to push forward their partnership in China and the world and jointly explore more cooperation opportunities in the up, middle and down streams, according to the statement.

Share

               


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Audio Reports more »
Biz Life more »
Policy more »
Markets more »

News
China
World
Politics
Business
Sports
Showbiz
Sci-tech
Photo
Recommended
China
World
Sports
Showbiz
Travel
Video
C4
The Sound Stage
Showbiz
Travel
China Revealed
My Chinese Life
Travel
Destinations
Photo Gallery
Recommended
Learn Chinese
"In" Chinese
Chatting in Chinese
Pop Culture
Traditional Culture
Living Chinese
Chinese Studio
Chinese Class
Learn English
Special English
Pop Chart
Everyday English
Fabulous Snaps
CRI News
China.org.cn  | Xinhua  | People's Daily Online   |  CNTV.cn  | China Daily  |  Global Times  | China Job  |  China Tibet Online  | Taiwan.cn  | eBeijing  | Beijing Today  | China-Eurasia Expo  | APEC Yiwu Conference  | Chinese Embassy in S.Africa  | Chinese Embassy in Australia  | Chinese Embassy in NZ