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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World France's GDF Suez signs China LNG supply deal AFP - Sunday, October 10 Send IM Story Print France's GDF Suez signs China LNG supply deal Slideshow: Full Photo Coverage: Business & Economy SHANGHAI (AFP) - – French energy giant GDF Suez on Saturday signed a deal to sell 2.6 million tonnes of liquefied natural gas to China between 2013 and 2016 as the energy-hungry nation steps up gas imports. The agreement was signed with China's overseas energy firm China National Offshore Oil Corporation (CNOOC) in the presence of GDF Suez's chairman, Gerard Mestrallet. No sale price was published. The contract "represents a major step for our presence in China's energy sector," said Mestrallet. It comes after GDF Suez made its first LNG delivery to Shanghai in August. Natural gas still represents a small proportion -- around five percent -- of total energy consumption in China, but demand for the relatively clean fuel is rising rapidly and Beijing is increasingly resorting to LNG imports while building up gas infrastructure. "This new contract will contribute to energy saving, to reducing carbon dioxide emissions and to developing a low-carbon economy in China," said CNOOC deputy chairman Wang Jiaxiang, who heads the company's gas and power division. As it seeks to increase its Asian presence, GDF Suez is particularly relying on resources in Australia, where it bought a 60 percent share in three gas fields in the Bonaparte basin in January for 200 million dollars. GDF Suez's deputy chairman, Jean-Marie Dauger, said: "China will become an important player for the gas industry in the decades to come. That's one of the reasons why the group has decided to develop in Asia." GDF Suez announced last month it had reached a deal to sell 2.5 million tonnes of LNG to South Korea's state gas company Kogas over three years, a deal valued at about one billion dollars according to press estimates. Recommend Send IM Story Print Related Articles JPMorgan commodities operation falling short: report Reuters - 47 minutes ago Emerging Asia must move to end crisis-era spending: IMF AFP - 53 minutes ago IMF fails to find consensus to ease currency frictions AFP - 56 minutes ago WRAPUP 3-World economies vow to act to bolster IMF's role Reuters - 1 hour 1 minute ago AIA Group IPO covered more than five times -sources Reuters - Sunday, October 10 News Search Top Stories IMF calls for more study on economic imbalances EDF charges Constellation pulls out of US reactor project Win for husband and wife, Games in race row British minister says cuts may be scaled back Ryanair may quit Marseille over court case: report More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended British lottery winner gets record 129 mln euros Win for husband and wife, Games in race row Arabs 'give US one month to revive peace talks' Europe takes currency fight to US Weak US jobs report hangs over November elections More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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