CNOOC inks LNG deals
By Wang Ying (China Daily)
Updated: 2006-10-27 09:18
China National Offshore Oil Corp (CNOOC), the nation's third-biggest oil
producer, has inked framework agreements to purchase LNG (liquefied natural gas)
from three foreign energy suppliers to meet its ambitious import plans.
"CNOOC signed the master agreements for LNG spot cargoes with Suez SA, Total
SA and Shell Eastern Trading (Pte) Ltd respectively on October 5, 6 and 10,"
said the Beijing-based oil company in a statement.
The two-part LNG spot trading agreements differ from CNOOC's long-term fuel
supply contract for its terminals in Guangdong and Fujian provinces. The sellers
and buyers will elaborate on trading details when a particular transaction is
made, according to Liu Junshan, spokesman for the company.
Liu did not give specific supply and pricing figures yesterday.
Beijing-backed CNOOC is leading the push for LNG terminal construction along
the eastern coast amid government efforts to diversify the nation's energy
supply and alleviate its heavy reliance on coal and oil.
CNOOC plans to build as many as seven LNG-importing terminals in six
provinces and municipalities, only two of which have obtained government
approval and gas supplies.
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