China’s gas appetite to be satisfied by Brits: British Petroleum Board of Directors, the world’s largest oil and gas company, has signed a $20 billion contract with the China National Offshore Oil Corporation. BP managed to reach consensus on the key articles thus striking a profitable deal on LNG supplies. The parties entered into the agreement in the middle of June. BP and the CNOOC agreed on the supplies of up to 1.5 million tons of liquefied natural gas a year over 20 years, BP head Bob Dudley said in a statement. The exact price of one cubic meter of gas has not been specified yet. The liquid fuel is supposed to be transferred to Southeast China. The document was signed in front of British Prime Minister David Cameron and Chinese Premier Li Keqiang. British Petroleum was not the only one to compete for the long-term contract. Previously, the mass media named Royal Dutch Shell as a possible China’s gas supplier. Given China’s growing demand and the role of natural gas in the local energy sector, the number of contracts will not be limited to one. The thing is that unlike coal, which is the keystone of the Chinese energy system, gas is considered to be green.The material has been provided by portal MT5 - mt5
Posted on: Mon, 07 Jul 2014 13:15:26 +0000
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