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Malaysia's Petronas signs a LNG supply agreement with China's CNOOC

Petroliam Nasional, the Malaysian state-owned energy company On Wednesday,?it said that it would supply Chinese offshore oil company CNOOC 1 million metric tonnes of?liquefied gas (LNG) per year.

Petronas stated in a press release that the agreement between Petronas 'LNG and CNOOC Gas and Power Singapore 'Trading & Marketing' builds on existing cooperation between both?companies.

Petronas will sign a 10-year contract for LNG supply with a CNOOC subsidiary in?2021. The deal is valued at $7 billion.

CNOOC and Petronas have not responded to our requests for details, including the duration of the deal.

Petronas and Canadian oil company Pembina Pipeline signed a similar agreement in November to supply 1,000,000 tons of LNG per year for the next 20 years. The deal was a result of its Cedar LNG Project. (Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)

(source: Reuters)