Companies / China
China And Malaysia Sign US$25bn LNG Contract
October 2006 | Contract NewsChina National Offshore Oil Corporation (CNC) has signed a US$25bn agreement with Malaysia's state-controlled Petronas to import liquefied natural gas (LNG) as part of its plans to secure long-term gas supplies to meet growing Chinese demand. The deal, which covers a period of 25 years, marks a breakthrough for Petronas into China's energy sector and is likely to enhance economic co-operation between the two Asian countries. The agreement also plays a part in China's ambition to increase the share of natural gas in its energy consumption to 10% in 2010 and more
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