Malaysian energy giant Petronas has, under its subsidiary Petronas LNG, secured a 10-year term deal to supply liquefied natural gas (LNG) to CNOOC Gas and Power Trading & Marketing Limited, a subsidiary of China National Offshore Oil Corporation (CNOOC).
During the 10-year agreement, 2.2 million tonnes per annum (MTPA) will be delivered from Petronas to CNOOC and is indexed to a combination of the Brent and Alberta Energy Company (AECO) indices.
Worth $7bn, the long-term supply agreement also includes supply from LNG Canada when the facility begins operating by the middle of the decade.
Commenting on the deal, Shamsairi M. Ibrahaim, Vice President of LNG Marketing & Trading, Petronas, said, “Petronas is proud to strengthen our decade long relationship with CNOOC through this term LNG supply.”
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