Malaysia seals $25bn China gas deal

Petronas, the Malaysian state energy firm, has said it will supply China with natural gas for the first time in a deal reportedly worth $25 billion.

    The contract is said to be worth $25bn over the next 25 years

    Petronas will supply more than three million metric tonnes of natural gas annually to China's Shanghai LNG Company, the Malaysian firm said in a statement on Tuesday.


    The value of the contract is estimated to be worth $25 billion based on current prices over the next 25 years, Malaysia's New Straits Times online news site said in a report.


    "This is Petronas first LNG deal with China. The deal will further enhance the economic ties between the two countries," the oil and gas producer said.


    The deal was unveiled by Abdullah Ahmad Badawi, Malaysia's prime minister, and his Chinese counterpart Wen Jiabao on the sidelines of the China-Asean summit in Nanning.


    Petronas said the LNG would be delivered from the Petronas LNG complex in Bintulu, Sarawak to Shanghai LNG's receiving terminal at Zhong Ximentang Island, in Zhejiang Province.


    Shanghai LNG is a joint venture company between Shenergy group, which owns 55 per cent of the company, and CNOOC Gas and Power, which owns the remaining 45 per cent.


    CNOOC Gas and Power is a wholly-owned subsidiary of China national offshore oil corporation.

    SOURCE: Aljazeera + Agencies


     How Britain Destroyed the Palestinian Homeland

    How Britain Destroyed the Palestinian Homeland

    Ninety-nine years since Balfour's "promise", Palestinians insist that their rights in Palestine cannot be dismissed.

    Afghan asylum seekers resort to sex work in Athens

    Afghan asylum seekers resort to sex work in Athens

    In the rundown Pedion Areos Park, older men walk slowly by young asylum seekers before agreeing on a price for sex.

    Profile: Osama bin Laden

    Profile: Osama bin Laden

    The story of a most-wanted fugitive and billionaire.