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    TotalEnergies Extends LNG Supply Agreement with CNOOC, Strengthening Chinese Market Position Until 2034

    TotalEnergies Extends LNG Supply Agreement with CNOOC, Strengthening Chinese Market Position Until 2034

    (IN BRIEF) TotalEnergies has extended its sales and purchase agreement with China’s CNOOC for an additional five years, committing to supply 1.25 million tons of liquefied natural gas (LNG) per year until 2034. This move enhances TotalEnergies’ long-term presence in the rapidly growing Chinese market, where natural gas is crucial for transitioning from coal to cleaner energy. The deal also helps TotalEnergies secure stable sales in Asia and reduces exposure to fluctuating spot market gas prices.

    (PRESS RELEASE) PARIS, 19-Sep-2024 — /EuropaWire/ — TotalEnergies has announced a significant extension to its existing sales and purchase agreement (SPA) with CNOOC, a major player in China’s energy sector. Under the new terms, TotalEnergies will supply 1.25 million tons of liquefied natural gas (LNG) annually to China for an additional five years, extending the contract until 2034.

    This agreement bolsters TotalEnergies’ position in China, the world’s largest LNG importer, while aligning with its strategy to expand long-term LNG sales globally. In China, natural gas is seen as a pivotal energy source during the transition to renewable power, helping reduce emissions by replacing coal in electricity generation and providing backup for renewable energy.

    “We’re pleased to further solidify our relationship with CNOOC, an essential partner for us in China,” commented Gregory Joffroy, Senior Vice President of LNG at TotalEnergies. “This extension ensures stable long-term sales in Asia and reduces our reliance on the spot market’s volatile gas prices.”

    With this extension, TotalEnergies continues to strengthen its presence in the growing Chinese market, positioning itself as a key player in the global LNG sector.

    TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

    Cautionary Note
    The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

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    First published in this link of EuropaWIRE.

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