China's Shenzhen Energy Group has signed a long-term agreement with oil major bp to buy LNG.
According to a Reuters report, this agreement is Shenzhen Energy's first long-term international LNG contract and its first long-term contract with BP Singapore, the Chinese company said.
No details of the deal were revealed.
To meet the demand of Guangdong province and Shenzhen city for energy security and stability, Shenzhen Energy Group is making efforts to promote the construction of gas power, plants it said.
It is estimated that in about 2024, as the gas power plants go into operation, the group's total demand for natural gas will significantly rise, the company added.
China's LNG importers are widely expected to avoid the spot market this winter, where prices have risen sharply, relying instead on Russian supplies and long-term contracted volumes.
