China National Offshore Oil Corp signed a 25-year supply agreement with Qatar for liquefied natural gas (LNG), Bloomberg reported. Under the terms of the agreement, the Chinese company will buy 2 million metric tons of LNG annually from Qatargas Operating Co starting in 2009. China National Offshore, the parent of Hong Kong-listed CNOOC, said the fuel will be shipped to its LNG terminals. China National Offshore is planning to build more than 10 LNG terminals on China’s east coast in order to meet a government target of doubling use of LNG by 2010.
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