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French multinational company, GDF Suez, has signed an agreement with the China National Offshore Oil Corporation (CNOOC) to provide a floating storage and regasification unit (FSRU) for Liquefied Natural Gas (LNG). The delivery follows the signing in 2011 of a cooperation agreement on LNG floating storage and regasification units between the two companies.
The agreement will also see GDF Suez sub-charter an LNG carrier, the GDF Suez Cape Ann, to CNOOC from October 2013 for a period of up to five years.
The FSRU will be permanently moored in Tianjin and will become the first floating LNG import terminal in China. Tianjin is located around hundred kilometres from Beijing and it is hoped that the FSRU will support the region’s growth.
The agreement with CNOOC was signed amongst several other contracts that GDF Suez signed with Chinese partners in the field of natural gas storage, the provision of liquefied natural gas regasification facilities and the environment during the French President François Hollande's visit to China.
Gérard Mestrallet, Chairman and CEO of GDF Suez, said: "The signing of these agreements is proof of our commitment to China, further strengthened in recent years thanks to our partnership with the Chinese sovereign fund CIC.
“It enables us to increase and diversify GDF Suez’s activities in this country, where the Group has a strong presence in the environmental sector and is experiencing growth in the energy and energy services sectors. These agreements also form part of GDF Suez’s strategy to expand its presence in high-growth markets, particularly in the Asia-Pacific region.”