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Total announces this week that it has signed a Memorandum of
Understanding (MOU) with
China National Offshore Oil Corporation (CNOOC). CNOOC Group President,
Fu Chengyu, and Total Chief Executive Officer, Christophe de Margerie,
signed the MOU on behalf of the two companies respectively.
The aim of
the two companies is to enhance wide-ranging cooperation including downstream.
As a first concrete application of the MOU, Total Gas and Power
Limited (TGP) and CNOOC Corp. signed a Heads of Agreement (HOA) for the
sale of Liquefied Natural Gas (LNG) by Total to CNOOC. Fu Chengyu and
Christophe de Margerie witnessed the signing of the HOA between CNOOC
Gas and Power Group President, Wang Jiaxiang, and Total Gas & Power
President, Philippe Boisseau.
Under the terms of this agreement,
up to 1 million tons of LNG will be delivered annually to the Chinese
oil group starting in 2010. The gas will be sourced from Total’s global
LNG portfolio, based on its participation in over 10 liquefaction
projects worldwide, and on TGP’s trading activities.
The MOU will be one of the foundations for Total and CNOOC to
explore further cooperation, in line with China’s priorities of energy
security and sustainable development, by providing increased access to
clean sources of energy, also a priority for Total. The HOA illustrates
the confidence both parties have in the future of the Chinese natural
gas industry. LNG imports will be decisive to secure its rapid growth,
particularly in the coastal areas of China.
Total is pleased to further enhance its cooperation with CNOOC both
inside China and abroad. CNOOC already has a 45% stake in the Akpo
project in Nigeria, operated by Total. This is in line with Total’s
strategy of establishing partnerships with national oil companies both
inside and outside of their respective countries.
PetrolWorld 180608
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