GROW WITH CHINESE PARTNERS TO MEET CHANGING MARKET
As the world’s second-largest liquefied natural gas operator, Total has a strong diversified portfolio and is active in most of the major LNG production regions. With the increasing demand for LNG in China, we have become one of the country’s largest suppliers of LNG, delivered under long-term contracts and spot sales to our local partners.
China has become a key consumer of LNG in the world
With the acquisition of Engie's upstream LNG assets, Total is now the world's second largest LNG operator.
Long-term Cooperation with Chinese NOC
In 2008, Total and CNOOC signed a Sale and Purchase Agreement (SPA). According to the SPA, Total had to deliver 1 million tons of LNG per annum to CNOOC. In October,2018, an amendment was signed by both parties to extend the contract from 15 years to 20 years and to increase the annual LNG supply 1.5 Mtpa. This enhanced partnership with CNOOC further improves Total’s presence and our standing in the Chinese LNG market. Till the end of 2019, Total has supplied more than 10Mt of LNG under the long-term contract.
Digital economy has become the new engine to boost the world development. Under the trend of industrial digitalization, Total and CNOOC reached the first deal on the new online international LNG trading platform, which was established by Shanghai Petroleum and Natural Gas Exchange（SHPGX）. Together with our Chinese partners, Total contributes to accelerating the digitalization process of China and global LNG industry. As a LNG supplier, we provide LNG products to China market through the local partners or our global trading center. Meanwhile, we are seeking new opportunities in LNG downstream market through cooperating with local LNG companies.