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BIZCHINA / Center
PetroChina inks LNG supply deal
By Wang Yu (China Daily)
Updated: 2007-09-05 09:47
China's top oil and gas producer has struck a deal with Europe's largest
oil company to buy liquefied natural gas (LNG) from Australia, to meet
the country's soaring demand for clean fuel.
PetroChina International Co Ltd, a branch of PetroChina, and Shell
Eastern LNG signed a long-term supply agreement for LNG from the Gorgon
project in Western Australia, Shell said on its website yesterday.
Shell and PetroChina will draw up a detailed LNG sale and purchase
agreement by the end of next year, according to Shell's statement.
"Details such as price of delivery are still to be agreed, but the deal
will certainly boost China's clean energy supply," said Han Xiaoping, an
independent analyst with energy portal China5e.com.
Han said the deal could also give PetroChina scope to get involved in
upstream gas exploration and production on the Gorgon project.
"PetroChina could use its established natural gas distribution networks
in China to great effect if it can get involved in upstream production at
Gorgon," said Han.
Shell's Beijing office was not available for comment yesterday.
However, Jon Chadwick, executive vice-president of Shell Gas and Power
Asia, said the deal "sets a new benchmark for LNG supplies into China and
underlines Shell's commitment to Chinese LNG customers and to the Gorgon
project".
Shell will sell 1 million tons per annum of LNG to PetroChina during the
20-year contract, Shell said.
(For more biz stories, please visit Industry Updates)
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