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Petronas secured a 10-year deal, worth $7 billion, to supply LNG to China´s CNOOC

The bedrock of the company´s operations, the Petronas LNG Complex in Sarawak, is one of the world’s largest LNG facilities in a single location

Petronas secured a 10-year deal, worth $7 billion, to supply LNG to China´s CNOOC

Kuala Lumpur, July 7 - Neftegaz.RU. Malaysia’s Petronas has signed a 10-year agreement to supply LNG to a subsidiary of China National Offshore Oil Corporation (CNOOC).
Worth $7 billion, the long-term supply agreement also includes supply from LNG Canada when the facility begins operating by the middle of the decade.

The deal is for 2.2 million tons per annum, indexed to a combination of the Brent and Alberta Energy Company (AECO) indices.
Petronas introduced the AECO index to its customers in May, as the index, housed on the ICE NGX commodity exchange platform, is one of the most liquid spot and forward energy markets in North America.

Petronas says the deal further strengthens the ongoing relationship established in 2006 and reflects its’ commitment to supporting CNOOC to meet the demand for cleaner energy and support China’s aspiration of peak emissions and carbon neutrality.

Petronas VP of LNG marketing & trading, Shamsairi Ibrahim said:
  • Petronas is proud to strengthen our decade-long relationship with CNOOC through this term LNG supply
  • Importantly, it reflects the markets’ receptiveness and recognition of AECO indexed LNG into the world’s largest LNG market; as we seek to grow the use of LNG as a cleaner and cost-effective form of energy
The deal follows the signing of a MoU in March 2021 between Petronas and CNOOC for closer collaboration.
Both firms agreed to collaborate in LNG, upstream exploration and development projects, refining, oilfield and engineering services, speciality chemicals, lubricants, and renewable energy.

Source : Neftegaz.RU


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