HomeNewsTotalEnergies signs LNG supply agreements with BOTAŞ and CNOOC

TotalEnergies signs LNG supply agreements with BOTAŞ and CNOOC

9/19/2024

In line with its strategy to grow its long-term liquefied natural gas (LNG) sales, TotalEnergies has announced the signing of a heads of agreement (HoA) with BOTAŞ for the delivery of 1.1 MMtpy of LNG for ten years starting from 2027, and a 5-year extension of its sales and purchase agreement (SPA) with CNOOC for the delivery of 1.25 MMtpy of LNG to China until 2034.

BOTAŞ. This agreement allows TotalEnergies to strengthen a long-term presence in the Turkish LNG market. Natural gas plays a crucial role as a transition energy, addressing the intermittency of renewable energy sources and reducing emissions by replacing coal in electricity generation.

CNOOC. Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.

“We are pleased to initiate and continue long-term collaborations with BOTAŞ and CNOOC, key partners for the company in Türkiye and China, respectively. These agreements enable us to secure long-term sales and reduce our exposure to spot market gas price fluctuations,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.

 

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