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China takes on more LNG

May 6, 2013 at 7:59 AM

BRISBANE, Australia, May 6 (UPI) -- BG Group said Monday it's committed more than 8 million tons of liquefied natural gas to the Chinese market following a $1.93 billion deal with CNOOC.

The group said an LNG sales agreement with China National Offshore Oil Corp. includes 5 million tons per year of natural gas from its Queensland Curtis project in Australia. It includes a 40 percent stake for CNOOC in parts of the project.

BG Group Chief Executive Officer Chris Finlayson said the agreement strengthens ties to the Chinese market.

"Combined with the 3.6 million tons per annum LNG sale agreement signed with CNOOC in 2010, BG Group now has total committed volumes to China of 8.6 mtpa which will make the Group the largest supplier of LNG to the world's fastest growing energy market," he said in a statement.

Japan and China are the largest importers of LNG in the world. The Organization of Petroleum Exporting Countries said in its April report that the largest share of demand growth is expected from China despite an economic slowdown.

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