22nd Oct 2015 05:22
LONDON (Alliance News) - Oil giant BP PLC and China National Petroleum Corporation or CNPC entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships.
The agreement was signed during President of The People's Republic of China, Mr Xi Jinping's visit to the UK in the presence of President Xi and UK Prime Minister David Cameron. It is expected to add several billion dollars in future trade to BP's already significant business with China.
In addition to these agreements to explore opportunities within China, BP and CNPC have agreed to explore oil and LNG trading opportunities globally, work together on carbon emissions trading, and share knowledge around technology and management practices.
BP also announced today an agreement with China Huadian Corporation under which BP will sell Huadian up to 1 million tonnes of liquefied natural gas (LNG) per year worth up to USD10 billion over the next 20 years.
Copyright RTT News/dpa-AFX
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