France's Total and China's Guanghui signed a 10-year sales and purchase deal for the annual supply of 0.7 million tonnes of LNG, Total said on Wednesday.
The company said the gas would be delivered to Guanghui’s regasification terminal in Qidong in the Jiangsu Province from Total’s global LNG portfolio.
"We are delighted to start a long-term relationship with Guanghui, an increasingly successful LNG market player in China with clear ambitions for growth," said Laurent Vivier, senior vice-president of the gas division at Total.
Vivier said this new supply contract is in line with Total’s strategy to expand its presence in the Chinese LNG market, which grew by over 41 percent in 2018 and will continue to be a key driver of the LNG markets growth in the future.
Total is the second-largest private global LNG player among the majors, with an anticipated overall LNG portfolio of around 40 million tonnes per annum by 2020 and a worldwide market share of 10 percent.
Through its stakes in liquefaction plants located in Qatar, Nigeria, Russia, Norway, Oman, the United Arab Emirates, the United States, Australia, Angola and Yemen, the company sells LNG in all global markets.
By Murat Temizer