CNOOC signs gas deal
Source: Agencies |
October 10, 2010, Sunday
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Print Edition
Print Edition
CHINESE offshore oil and gas company CNOOC has agreed to buy 2.6 million tons of liquefied natural gas from French utility GDF Suez SA.
The deal, signed in Shanghai with CNOOC's wholly owned CNOOC Gas and Power Group yesterday, calls for France's partially state-owned gas and electric company to provide the LNG over four years, beginning in 2013.
GDF said it could not provide a dollar value for the deal, but a similar deal last month to provide 2.5 million tons of LNG to South Korea was reportedly valued at about US$1 billion.
The deals come as the European gas supplier shifts its attention to Asia to offset relatively slow demand in Europe and the United States.
The deal, signed in Shanghai with CNOOC's wholly owned CNOOC Gas and Power Group yesterday, calls for France's partially state-owned gas and electric company to provide the LNG over four years, beginning in 2013.
GDF said it could not provide a dollar value for the deal, but a similar deal last month to provide 2.5 million tons of LNG to South Korea was reportedly valued at about US$1 billion.
The deals come as the European gas supplier shifts its attention to Asia to offset relatively slow demand in Europe and the United States.
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