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BP gas deal with China


BP gas deal with China


BP has signed a deal worth around 14.7 billion euros to supply China National Offshore Oil Corporation with liquefied gas.

BP is expected to source a large part of its liquefied gas from its US export plant in Texas. It already supplies cut price gas to China from its Indonesian operations.

China has become one of the biggest beneficiaries of cheap US natural gas.

Beijing’s ability to command lower prices comes at a time when the two biggest buyers of liquefied gas, Japan and South Korea, are being hit hard by high import costs.

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