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CNOOC to buy Australian LNG

CHINESE offshore oil and gas company CNOOC has agreed to buy 3.6 million tons of liquefied natural gas a year from BG Group's US$8-billion project on Australia's Curtis Island, the companies said yesterday.

The pact calls for 20 years of such imports from the time the project comes on stream, Britain's BG Group said on its Website.

The deal reflects China's continued push to secure future supplies of energy to fuel its economy. In just a few days, CNOOC, PetroChina and refiner Sinopec Corp have all announced major projects, including a US$9-billion deal between Sinopec and Kuwait Petroleum International to build a refinery in south China's Guangdong Province.

No dollar amount was announced for the deal between CNOOC and BG.

CNOOC is to acquire a 10-percent equity stake in one of the project's liquefaction trains and a 5-percent stake in BG Group's interest in Surat Basin, in Australia's Queensland state.

A final investment decision for the project is expected next year and first shipments are slated for 2014.


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