China's CNOOC signs major LNG deal with GDF Suez

Source: GDF Suez

GDF Suez signed a medium term agreement with CNOOC Gas and Power Group Ltd. which is a wholly owned subsidiary of China National Offshore Oil Corporation (CNOOC) (NYSE:CEO), the largest importer of LNG in China. Under this agreement, GDF Suez will sell CNOOC about 2.6 million tons of LNG from 2013 during a four-year period, and the cargoes will be sourced from GDF Suez’s LNG portfolio.

GDF Suez considers Asia as a core development region for its LNG business, with strong growth prospects and new supply potential. GDF Suez is the only European utility with the flexibility in its natural gas portfolio to divert volumes to the Asian market, as accomplished with the CNOOC transaction.

CNOOC has been dedicated to supplying reliable clean energy to China, which will be further underpinned by the transaction with GDF Suez.

Gérard Mestrallet, Chairman and CEO of GDF Suez said “GDF Suez is very satisfied to sign this medium term agreement with CNOOC, which is a major energy player in China. After a first LNG cargo delivered to Shanghai last August, this new contract strengthens GDF Suez’s long-term commitment in China, and is a major step in the development of our presence in the energy business in the country.”

Wang Jiaxiang, Assistant President of CNOOC and President of CNOOC Gas and Power Group Ltd. said “CNOOC is very pleased to sign this medium term agreement with GDF Suez. This new contract will contribute to energy saving, emission reduction and the development of low-carbon economy of China.”

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