Chinese gas distributor Foran Energy has signed an agreement to buy 600,000 t/yr of LNG from BP.
BP and Foran Energy are both shareholders in the CNOOC-operated 6.7mn t/yr Dapeng LNG terminal in south China’s Guangdong province, the Chinese firm said. BP holds a 30pc stake in the terminal. Foran Energy did not provide any additional details regarding the supply purchase agreement.
The deal was signed to “reduce the procurement cost” and “broaden the procurement methods” of gas sources, Foran Energy said.
BP’s LNG supply portfolio includes long-term equity projects and mid-term and spot purchases in Trinidad and Tobago, the US, Angola, Egypt, the UAE, Oman, Indonesia, Australia and Papua New Guinea, BP said.