Total Reaches LNG Deal with CNOOC

Wednesday, June 18, 2008

Total SA said it had signed an agreement with China National Offshore Oil Corp for the sale of liquefied natural gas to China.
Under a heads of agreement, up to 1 million tons of LNG will be delivered to CNOOC annually starting in 2010, Total said. The gas will be sourced from Total's global LNG portfolio, based on its participation in over 10 liquefaction projects worldwide, and on its trading activities.
A heads of agreement (HoA) is a non-binding document which provides the basis for further discussion and the drawing up of a fully-termed deal.
CNOOC, which leads China's fast-growing LNG market, had in 2006 signed several framework contracts to buy spot LNG from foreign firms including Total and Suez SA in a bid to stabilize imports, which are mainly arranged under long-term contracts.
The latest HoA was the first concrete application of a broader newly-signed memorandum of understanding between the two energy majors, which aims to enhance wide-ranging cooperation in the areas of upstream, downstream as well as in new energies.
Total said it wants to further enhance its cooperation with CNOOC inside and outside China. CNOOC's listed unit, CNOOC Ltd, already has a 45-percent stake in Total's Akpo oil field project in Nigeria.
Total has been present in China for about 30 years through activities of exploration and production, gas, refining and marketing, and chemicals. Total's strategy in China is a long-term one, Jacques de Boisseson, chairman of Total China said last week.

Source:  Shanghai Daily

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0842 sec (12 req/sec)