Petronas has secured a 10-year deal, worth around US$7bn, to supply LNG to CNOOC.
The company said that the deal is for 2.2 million tons per annum and emphasised that the long-term supply agreement also includes resources from LNG Canada when the facility commences its operations mid-decade.
Petronas added that its deal with CNOOC reflects the company’s commitment to assuring the security of supply through a settled transparent price index while providing additional pricing options for its customers.
Following the sale of a spot LNG cargo from Bintulu, Petronas LNG Ltd introduced the AECO index as a new LNG price indexation to its customers back in May, as the company is a leading price benchmark for natural gas in Canada.