Petronas to supply LNG to CNOOC
Malaysia’s Petronas has signed a $7bn deal to supply LNG to China’s CNOOC, it said on July 7.
Petronas will supply 2.2mn metric tons/year of LNG for a 10-year period, indexed to a combination of the Brent and AECO indices. This long-term supply agreement also includes supply from LNG Canada when the facility commences its operations by the middle of the decade, the company said.
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Petronas said that the AECO index is one of the most liquid spot and forward energy markets in North America. It introduced the AECO index to its customers in May this year following the sale of a spot cargo from Bintulu, Malaysia, to a buyer in the Far East.