facebook
twitter
rss
account
search
search
 

Total, CNOOC expand LNG ties

Total expands LNG footprint in Chinese market through CNOOC arrangement.
By Daniel J. Graeber   |   March 27, 2014 at 8:32 AM   |   Comments

| License Photo
March 27 (UPI) -- French energy company Total said it agreed to supply the Chinese market with an additional 1 million tons of LNG per year under the terms of a deal with CNOOC.

Total under the terms of an existing 15-year contract with China National Office Oil Corp. supplies the Chinese market with 1 million tons of liquified natural gas per year. Total said it would review the price arrangement on existing supplies and supply another 1 million tons of LNG per year under the terms of the new cooperation agreement.

Yves-Louis Darricarrere, president of upstream operations for Total, said the agreement gives the French supermajor a solid foundation in the expanding Asian market.

"As a world leader in LNG, Total seeks to strengthen its position in Asia’s growing LNG markets, where China is among the largest players with 20 percent annual growth," he said in a statement Wednesday.

Total has supplied the Chinese market with about 8 percent of its LNG needs since 2010. The company said it would work to meet growing regional demand by sourcing gas from its assets in Australia, Russia and the United States.

There was no statement from CNOOC on the deal.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
2
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
3
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
4
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
5
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
Trending News
Video
x
Feedback