Exxon Mobil Corp said it has signed a 20-year agreement to supply liquefied natu...
SINGAPORE - Exxon Mobil Corp said it has signed a 20-year agreement to supply liquefied natural gas to China’s Zhejiang Energy, as the U.S. oil and gas giant steps up marketing of the fuel in China, the world’s second-largest buyer.
Under the sales and purchase agreement, Exxon Mobil will supply 1 million tonnes a year of the super-chilled fuel to the provincial government-backed Zhejiang Energy, Exxon said in a statement late on Monday. Exxon Mobil said last year it would deliver the LNG starting in the early 2020s, while LNG supplies to China would come from its global portfolio.
Zhejiang Energy is building a 9 billion yuan receiving terminal for the fuel in Wenzhou, in the eastern province of Zhejiang, with annual handling capacity of 3 million tonnes.Chen Zhu, managing director at Beijing-based consultancy SIA Energy, said the Exxon-Zhejiang deal was separate from U.S.- China trade negotiations under which Chinese firms are expected to eventually boost purchases of U.S. gas.
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