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ExxonMobil Signs LNG Framework Agreement with China’s Zhejiang

Source: Reuters 10/18/2018, Location: Asia

ExxonMobil signed a framework agreement with China’s Zhejiang Energy on October 18 for the Chinese firm to supply liquefied natural gas (LNG) for ExxonMobil, said Peter Clarke, president of ExxonMobil gas and power marketing, according to Reuters.

Zhejiang Energy won the 15-years-term agreement, which is the first long-term supply deal in its history, Clarke stated during his speech at an oil and gas conference, held in Zhoushan, China.

ExxonMobil is taking fast steps to cover LNG growing demand as it works on multi-billion-dollars-worth production projects around the world along with working on its first mainland storage and distribution facility.

Clarke pointed out on the sidelines of the event that LNG supplies to China would come from several Exxon-owned international wallets, not only from the US. Clarke added that the company encourages production from Papua New Guinea and Mozambique, Amwal Al Ghad reported.

Zhejiang Energy is a state-owned coal producer and operator. The firm had previously sealed a deal with Glencore Company for the exchange of energy products, including LNG.

ExxonMobil has 115 years of partnership in Egypt’s growth and is a strong participant in the fuels and lubricants markets with Esso and Mobil brands.

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