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Exxon Mobil signs framework agreement on LNG supply with Zhejiang Energy

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Exxon Mobil signs framework agreement on LNG supply with Zhejiang Energy

Exxon Mobil signs framework agreement on LNG supply with Zhejiang Energy
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Sergio Moraes(Reuters)
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ZHOUSHAN, China (Reuters) - Exxon Mobil Corp <XOM.N> has signed a framework agreement on a 15-year liquefied natural gas (LNG) supply deal with Zhejiang Provincial Energy Group, a senior executive said on Thursday, marking Zhejiang Energy's first long-term supply deal.

Peter Clarke, president of Exxon Mobil gas and power marketing, was speaking at the International Petroleum and Natural Gas Enterprise conference at Zhoushan, near Shanghai.

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Exxon Mobil is stepping up its efforts to meet soaring LNG demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet.

LNG supplies to China would come from a combination of Exxon Mobil's global portfolios - not necessarily from the United States - as the company boosts output from Papua New Guinea and Mozambique, Clarke said later on the sidelines of the meeting.

State-owned Zhejiang Energy is a coal producer and utilities operator, and formed a joint venture earlier this year with commodities trader Glencore to trade energy products including LNG.

(Reporting by Meng Meng and Dominique Patton; editing by Richard Pullin)

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