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The picture shows the scene of the signing ceremony
.
China National Petroleum Corporation (Petronas) on July 7, through its subsidiary Petronas LNG Co.
, Ltd.
and China National Offshore Oil Corporation (CNOOC) subsidiary CNOOC Gas and Power Group Co.
, Ltd.
The responsible company signed a 10-year liquefied natural gas supply agreement
.
The long-term supply agreement also includes the supply of LNG from Canada for a period of 10 years, involving an annual supply of 2.
2 million tons of LNG, linked to the Brent and Alberta Energy Company (AECO) index
.
The transaction is valued at approximately US$7 billion
"The transaction reflects the market's acceptance and recognition of the LNG price priced by the AECO index into the world's largest LNG market, helping to promote the use of LNG as a cleaner and more economical energy source
.
" Petronas LNG Marketing and Trading Deputy President Shen Shanrui said
The AECO Index, located on the ICE NGX Commodity Exchange, is one of the most liquid spot and futures energy markets in North America
.
This index is the main price indicator of Canadian natural gas, similar to the Henry Hub in the United States, which is the natural gas price benchmark for the LNG pricing index
