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

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0820 sec (12 req/sec)