Cnooc, Petronas Ink "Medium-Term" LNG Deal

Cnooc Gas and Power November 22 signed a “medium-term” LNG sale and purchase agreement with Malaysian state-owned Petronas, it said November 28 without disclosing any further details about the deal.

Cnooc Gas and Power said that in 2017 it imported more than 20 million metric tons (mn mt) of LNG and this year imports will rise to 26mn mt. The company said it “will continue to seek reliable, flexible and competitive diversified LNG supply on a global scale and make positive contributions to the development of China's natural gas industry and the long-term stable supply of natural gas.”

Petronas already has an LNG supply agreement with another Cnooc subsidiary. In 2006, Petronas’ unit Malaysia LNG Company agreed to supply 3mn mt/yr of LNG for 25 years to Shanghai LNG, in which Cnooc Gas and Power has 45% stake.