Chinese unit of British oil and gas company BP has signed an LNG sale and purchase agreement with a subsidiary of China's State Power Investment Corp (SPIC) for a period of ten years starting 2023.
Under the deal, BP will sell 200,000 metric tonnes of pipeline gas per year to China's power utility SPIC for ten years.
Moreover, BP is the first international energy company in China to invest in an LNG terminal in operation. It owns 30 per cent of the shares of Guangdong Dapeng terminal. The terminal is China's first LNG import and regasification terminal pilot project.
The terminal accounts for about 50 per cent of the cumulative natural gas consumption in the province. Thus, this makes Guangdong Dapeng one of the most efficient natural gas receiving stations in China.
Source: Offshore Energy
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