GDF SUEZ and China National Offshore Oil Corporation sign a 2.6 million tons of LNG contract

abarrelfull wrote on 11 Oct 2010 11:10
Tags: china cnooc gdf-suez lng

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GDF SUEZ has just signed a medium term agreement with CNOOC Gas and Power Group Ltd. which is a wholly owned subsidiary of China National Offshore Oil Corporation (CNOOC), the largest importer of LNG in China. Under this agreement, GDF SUEZ will sell CNOOC about 2.6 million tons of LNG from 2013 during a 4 year period, and the cargoes will be sourced from GDF SUEZ’ LNG portfolio.

GDF SUEZ considers Asia as a core development region for its LNG business, with strong growth prospects and new supply potential. GDF SUEZ is the only European utility with the flexibility in its natural gas portfolio to divert volumes to the Asian market, as accomplished with the CNOOC transaction.

CNOOC has been dedicated to supplying reliable clean energy to China, which will be further underpinned by the transaction with GDF SUEZ.

Gérard Mestrallet, Chairman and CEO of GDF SUEZ said “ GDF SUEZ is very satisfied to sign this medium term agreement with CNOOC, which is a major energy player in China. After a first LNG cargo delivered to Shanghai last August, this new contract strengthens GDF SUEZ’s long-term commitment in China, and is a major step in the development of our presence in the energy business in the country.”

Wang Jiaxiang, Assistant President of CNOOC and President of CNOOC Gas and Power Group Ltd. said “ 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 low-carbon economy of China.”

About CNOOC

CNOOC is China's largest producer of offshore crude oil and natural gas and it has built up its leading position in the LNG business in China through the development of key LNG receiving terminals along the south east coast of China. CNOOC has a diversified LNG supply portfolio of approximately 16 MTPA.

About GDF SUEZ

GDF SUEZ is one of the leading LNG players in the world and the main LNG importer in Europe. It operates a
fleet of 18 LNG carriers and has a significant presence in regasification terminals around the world.

GDF SUEZ has a diversified portfolio of LNG supplies from Algeria, Egypt, Nigeria, Norway, Trinidad and Tobago and Yemen, representing 16.5 MTPA.

GDF SUEZ has also recently concluded a medium term agreement for the delivery of 2.5 million tons of LNG to Kogas between 2010 and 2013. To extend its LNG portfolio supplies in Asia-Pacific, GDF SUEZ is developing Bonaparte LNG an integrated project to build a Floating Production Storage and Offloading (FPSO) unit in Australia, with a 2 MTPA capacity.

GDF SUEZ and China National Offshore Oil Corporation sign a 2.6 million tons of LNG contract

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