French power company GDF Suez has today signed two deals in China covering liquefied natural gas.
The company has sold a 10 per cent stake in an LNG plant in Trinidad and Tobago and a 30 per cent stake in its exploration and production division to sovereign wealth fund China Investment Corp (CIC). The total value of CIC’s investment will be €2.3bn ($3.2bn).
GDF has also signed a co-operation deal with China National Offshore Oil Corp (CNOOC) to provide a shuttle and regasification vessel for exclusive use by CNOOC.
In October 2010, GDF agreed to sell CNOOC around 2.6m tonnes of LNG in a four-year deal set to begin in 2013.
GDF chairman Gerard Mestrallet said the two deal showed the company’s “strategic commitment to China and to the Asia-Pacific region”.
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