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CNOOC LIMITED

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CNOOC : Malaysia's Petronas agrees 10-year LNG supply deal with CNOOC valued at $7 bln

07/07/2021 | 03:36am EDT

KUALA LUMPUR, July 7 (Reuters) - Malaysia's state oil firm Petronas has signed a 10-year liquefied natural gas (LNG) supply agreement with a subsidiary of China's offshore oil and gas major CNOOC Ltd valued at about $7 billion, the firm said on Wednesday.

Petronas, or Petroliam Nasional Berhad, said the deal with CNOOC Gas and Power Trading & Marketing Limited is for 2.2 million tonnes per annum over a 10-year period.

"This long-term supply agreement also includes supply from LNG Canada when the facility commences its operations by the middle of the decade," Petronas said in a statement.

The deal is indexed to a combination of the Brent and Alberta Energy Company (AECO) indices, it said.

AECO is a Canadian natural gas price benchmark, similar to the Henry Hub index in the United States, but is not typically used as a pricing basis for LNG spot contracts.

In Asia, the S&P Global Platts' Japan-Korea-Marker (JKM) has been increasingly used as a pricing basis in spot contracts.

Petronas signed its first LNG cargo using the AECO index to a buyer in the Far East in May.

The deal with CNOOC reflects the markets' receptiveness and recognition of AECO indexed LNG into the world's largest LNG market, said Shamsairi M. Ibrahim, Petronas Vice President of LNG Marketing & Trading.

(Reporting by Mei Mei Chu, editing by Louise Heavens)


ę Reuters 2021
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Financials
Sales 2021 235 B 36 403 M 36 403 M
Net income 2021 68 998 M 10 695 M 10 695 M
Net Debt 2021 101 B 15 635 M 15 635 M
P/E ratio 2021 4,53x
Yield 2021 9,71%
Capitalization 314 B 48 642 M 48 681 M
EV / Sales 2021 1,77x
EV / Sales 2022 1,64x
Nbr of Employees 18 151
Free-Float 35,0%
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Number of Analysts 20
Last Close Price 7,03 CNY
Average target price 9,91 CNY
Spread / Average Target 40,9%
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Ke Qiang Xu Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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