Cnooc Agrees to Buy More LNG from Total

China’s Cnooc Gas and Power October 16 signed a supplementary agreement to buy addition LNG from Total, it said October 17.

Cnooc Gas and Power will now buy 1.5mn mt/yr of LNG from the French major instead of 1mn mt/yr. The contract period has also been extended from 15 years to 20. The two companies have agreed to “adjust the contract price according to the current international LNG market trend.” The Chinese company did not say what the new price will be. Under the original contract, Total had been supplying LNG to Cnooc Gas and Power since 2010. 

Cnooc gas and Power, a unit of state-owned Cnooc, is the largest LNG importer in China and operates nine LNG receiving terminals.