GDF Suez SA signed an agreement to supply 2.6 million tons of natural gas to China National Offshore Oil Corp. (CNOOC) over four years starting from 2013, Chairman Gerard Mestrallet said in Shanghai.
“China will become an extremely important actor in terms of LNG development in next decade,” Mestrellet told reporters. “China is a core market to us.”
The deal is worth more than $1 billion, Wang Jiaxiang, assistant president of CNOOC told reporters, adding that a medium-term contract can help the company to diversify its supply sources and avoid risks.
GDF is in talks with Pakistan on natural gas supply, Mestrallet said, without giving details. GDF aim to increase cooperation with Chinese companies in energy sectors such as water, power and energy efficiency, he said.