BP inks long-term LNG supply deal in China

China’s Guangzhou Development Group said it has signed a long-term deal to buy liquefied natural gas (LNG) from a unit of energy giant BP.

Under the contract, Guangzhou Gas, a unit of Guangzhou Development, will purchase 650,000 tonnes per year of LNG from BP Singapore.

Guangzhou Development said in a statement the oil-linked supplies would start in 2022 and end in 2034.

Worth mentioning here, BP Singapore has also recently signed a ten-year deal to supply LNG to Singapore’s Pavilion Energy.

Under the sale and purchase agreement, Temasek’s Pavilion Energy will buy 0.8 million tonnes of LNG per year for delivery to Singapore from 2024.

Moreover, BP in January started to directly supply customers in China with regasified LNG that it has imported into the country.

China’s LNG imports continue to rise on strong demand from the power generation and industrial sectors, and the country should overtake Japan as the world’s largest LNG importer this year.

The country has announced it aims for peak carbon dioxide emissions before 2030 and to become carbon-neutral by 2060.

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