GDF Suez strengthens ties to China

Oct. 31, 2011 at 9:52 AM
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BEIJING, Oct. 31 (UPI) -- French energy company GDF Suez said Monday that two deals reached for liquefied natural gas in China represent its commitment to the Asia-Pacific region.

GDF Suez announced that it signed agreements with China Investment Corp. and China National Offshore Oil Corp during talks in Beijing.

GDF Suez and CIC signed a deal that outlines CIC's acquisition of a minority stake in a LNG plant in Trinidad and Tobago. The French energy company and CNOOC, meanwhile, signed a deal to work more closely on CNOOC's planned LNG floating storage and regasification units projects in China.

Gerard Mestrallet, chief executive officer of GDF Suez, said his company was very pleased with its LNG developments in the region.

"These events show our strategic commitment to China and to the Asia-Pacific region," he said in a statement.

The U.S. Energy Information Agency said the expected increase in world energy consumption by 53 percent by 2035 to be driven largely by economic growth in China and India.

The EIA said renewable energy is expected to be the fasting growing source of energy during the next 25 years. However, fossil fuels, with natural gas leading the way, are expected to remain the primary source of energy.

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