Following the signing of the deal with Shanghai Shenergy Group Co, as reported earlier in EnergyReview.net, the China National Offshore Oil Corp (CNOOC) plans to begin supplying Shanghai with LNG by 2008.
Under the terms of the deal, Shanghai will receive around 3 million tons of LNG per annum and it intends to increase this value as and when the need arises. The company also confirmed it intends to sell natural gas at prices lower than PetroChina’s rival West-East Project.
CNOOC has stated it is looking to gain “a competitive advantage” in the cities of Shanghai, Zhejiang, Anhui, Henan, and Jiangsu.
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