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BP to sign LNG supply deal with CNOOC

Moscow - Oil major BP will sign a deal worth around $20 billion later on Tuesday to supply China National Offshore Oil Corporation (CNOOC) with liquefied natural gas (LNG), BP Chief Executive Bob Dudley said at a conference in Moscow.

Dudley said the agreement between the two companies would be signed in London, as British Prime Minister David Cameron is due to announce a series of trade deals to coincide with the arrival of the Chinese Premier Li Keqiang for a three-day visit.

BP chief executive Bob Dudley. Credit: Reuters

“It is a 20-year supply agreement on LNG. It is a fair price for them and a fair price for us. It is a good bridge between the UK and China in terms of trade,” Dudley said.

BP already supplies CNOOC with LNG from Indonesia. - Reuters

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