China LNG Group inks cooperation deal with CNOOC unit

For illustration purposes only (Image courtesy of China LNG Group)

Hong Kong-listed China LNG Group said it had entered into a cooperation agreement with a unit of the Chinese oil and gas giant CNOOC.

The Chinese LNG company signed a deal on January 16 with a marketing and trading arm of CNOOC Gas and Power Group.

Under the deal, China LNG Group will get access to upstream resources from CNOOC Gas and Power Group’s natural gas receiving stations which would guarantee a stable gas supply for China LNG’s clients throughout the year, the company said in a statement on Thursday.

In return, CNOOC Gas and Power Group gets a priority right to acquire and invest in China LNG’s existing and future infrastructures, end-user markets, logistic transportation and Dewar bottle filling projects, according to the statement.

“Under the mutual development and win-win target with CNOOC Gas and Power Group Co., Limited Trading & Marketing Branch’s leading position in the upstream business, the Group will surely strengthen its competitiveness, particularly in the LNG end-user market and LNG transportation market,” the statement  said.

 

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