BEIJING (Commodity Online): In a view to underpin the domestic supply of liquefied Natural Gas (LNG) in the country, China’s energy giant CNOOC singed a deal with Qatargas to buy more LNG.

CNOOC and Qatargas have singed memorandum of understanding (MOU) in this regard, under which Qatargas will supply an additional 3 million tons of LNG per year, said a CNOOC statement. Start trading in commodities from as low as $50. Join now

CNOOC is also planning to buy another 2 million tons of LNG from Qatargas annually, to further bolster its annual LNG purchase from the gas-rich country to 7 million tons, said the statement. CNOOC last year signed an agreement with Qatargas to buy 2 million tons of LNG for 25 years.

The move will improve China's utilization of natural gas, a clean energy, and optimize the country's energy consumption structure, said CNOOC President Fu Chengyu.

China has now become a new center for LNG consumption, said Faisal Al-Suwadi, CEO of Qatargas. The Qatari company also opened its China representative office on Friday.

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