Friday 23 October 2015

BP signs £10bn LNG deal with China

BP signs £10bn LNG deal with China

Oil giant BP has signed a deal worth £10 billion to supply liquefied natural gas (LNG) to China.

The London-based company will deliver up to one million tonnes of LNG to China Huadian Corporation in the next 20 years.

The deal has been struck during Chinese President Xi Jinping's visit to the UK.

Bob Dudley, BP Group Chief Executive said: "This marks another long-term LNG supply deal between BP and Chinese buyers and it will play an important role in enhancing China’s energy diversification and supporting its economic growth.

"Not only does it strengthen China’s connections to BP and the UK as global trading partners, it also supports China’s commitment to improving its air quality and reducing its emissions through the use of lower carbon fuels."

BP has also agreed with to jointly explore and produce shale gas in the country China National Petroleum.

China is to invest £6 billion to build a new nuclear power station at Hinkley Point in the UK.

Written by

Bruna Pinhoni

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