By Yongchang Chin 
 

Shenzhen Gas Corp. Ltd. has signed a 10-year liquefied natural gas supply deal with BP to bring in 225,000 to 300,000 tons a year of LNG volumes over January 2023 to December 2032.

Shenzhen Gas didn't disclose the value of the deal nor how the LNG cargoes would be priced, but said Friday that it would pay market prices plus a service fee.

The supply deal comes as China is increasing efforts to shore up its energy supply given a global shortage of fossil fuels such as coal and natural gas.

BP is an active player in the Asian LNG market, holding a 30% stake in China's Guangdong Dapeng LNG terminal, the first LNG terminal in China. It also operates the Tangguh LNG export plant in Indonesia.

 

Write to Yongchang Chin at yongchang.chin@wsj.com

 

(END) Dow Jones Newswires

October 07, 2021 21:07 ET (01:07 GMT)

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