BP has signed a $20bn deal to supply China with liquefied natural gas over 20 years starting in 2019, writes Michael Kavanagh.
Under the terms of the agreement, the UK oil and gas company will ship 1.5m tonnes of gas for Cnooc, the state-controlled Chinese energy group, per year.
The annual volumes – equivalent to 72bn cubic feet – represent more than a tenth of the 13m tonnes imported last year by Cnooc, which is ranked as China’s leading and the world’s third-largest LNG importer.
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