GDF Suez makes deal to sell LNG to CNOOC subsidiary

GDF Suez SA signed a medium-term agreement with CNOOC Gas & Power Group Ltd., a wholly owned subsidiary of China National Offshore Oil Corp., to sell 2.6 million tonnes of LNG, or a total of 44 cargoes, over a 4-year period starting in 2013.

Doris Leblond
OGJ Correspondent

PARIS, Oct. 13 -- GDF Suez SA signed a medium-term agreement with CNOOC Gas & Power Group Ltd., a wholly owned subsidiary of China National Offshore Oil Corp., to sell 2.6 million tonnes of LNG, or a total of 44 cargoes, over a 4-year period starting in 2013. The LNG will be sourced from GDF Suez’s portfolio.

This is the third medium-term LNG delivery contract signed by GDF Suez over the last few weeks (OGJ Online, Sept. 28, 2010). The two earlier LNG deliveries to Gazprom and Korea Gas Corp. were for 2½ years.

This time CNOOC—the largest LNG importer in China—has no immediate need for the LNG.

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