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.
Recommended UPI Stories
Featured UPI Collection
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
Texas, N.D. oil push imports down
Oil spill reported in North Dakota
Scout attack helicopter demos firepower
DNO committed to Kurdish oil
Australia orders Supacat special operations vehicles
Trending News