China National Offshore Oil Company subsidiary CNOOC Gas and Power Group has signed an agreement with GDF Suez SA to buy 2.6 million tonnes of liquefied natural gas (LNG).
Under the signed agreement French utility GDF Suez will supply LNG for four years starting in 2013.
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GDF Suez has recently entered into two other LNG supply deals with CNOOC, according to People’s Daily Online.
CNOOC sees its medium-term contract with GDF Suez as helping to diversify its supply sources and avoid risks.
CNOOC Gas and Power Group assistant president Wang Jiaxiang said the new deal will help in energy saving, emission reduction and the development of China’s low-carbon economy.
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By GlobalData
