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China’s Sinopec signs agreement for 15-yr LNG deal with TotalEnergies
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(Reuters) – China’s state oil and gas major Sinopec Corp said on Monday it has signed Heads of Agreement to buy from TotalEnergies two million metric tons of liquefied natural gas a year for 15 yrs starting 2028.
(Reuters) – China’s state oil and gas major Sinopec Corp said on Monday it has signed Heads of Agreement to buy from TotalEnergies two million metric tons of liquefied natural gas a year for 15 yrs starting 2028.
The deal, signed in Shanghai at the China International Import Expo, is a step forward from a strategic alliance the companies agreed in May, Sinopec said in a statement.
(Reporting by Chen Aizhu, Editing by Louise Heavens)
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, making it easier to store and transport. It is primarily used for heating, electricity generation, and as a fuel for vehicles.
LNG deals are significant as they facilitate the long-term supply of natural gas, ensuring energy security and stability in pricing for countries reliant on gas imports for domestic energy needs.
Sinopec, or China Petroleum & Chemical Corporation, is one of China's largest oil and gas companies, involved in the exploration, production, and sale of oil and gas, as well as refining and distribution.
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