CNOOC to buy liquefied natural gas from foreign suppliers

China's largest offshore oil company said that it has signed framework agreements with three foreign energy suppliers on buying liquefied natural gas (LNG). China National Offshore Oil Corp (CNOOC) said on its website that it has signed master agreements with French Suez and Total companies and Shell Eastern Trading Ltd. for spot trading. The spot trading agreements are different from long-term fuel supply contracts. The buyers and sellers sign a master contract first and then will elaborate on trading details when a particular transaction is made. As one of China's three major oil companies, the Beijing-based CNOOC is the country's pioneer in exploring LNG market.China's first shipment of 60,000-ton imported LNG arrived from Australia at the LNG terminal in south China's Guangdong Province on May 26. China's three oil giants, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec) and CNOOC, all have LNG development plan, under which they will import at least 60 million tons by 2020.