(Alliance News) - BP PLC on Wednesday said it had agreed a 10-year deal to sell liquefied natural gas to Pavilion Energy Trading & Supply Pte Ltd.
The long-term LNG sale and purchase agreement is for the supply of around 800,000 tonnes of LNG a year to Singapore for 10 years from 2024.
Beyond the supply of LNG, both companies will co-develop a greenhouse gas quantification methodology, aimed at improving transparency and the adherence to international standards, BP said.
Pavilion Energy is a subsidiary of Singapore state investor Temasek.
"We are excited to enter into this agreement with Pavilion Energy not only to supply the Singapore market with LNG but also to co-develop a methodology to quantify the carbon intensity associated with the supply," commented BP President of Singapore and CEO of trading & shipping Asia Pacific & Middle East Eugene Leong.
"We look forward to working with Pavilion Energy in implementing this innovative deal using BP’s LNG supply portfolio."
The stock was down 0.7% at 321.20 pence in London at midday on Wednesday.
By Will Paige; willpaige@alliancenews.com
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