HONG KONG, July 10 A subsidiary of Chinese state
oil giant China National Offshore Oil Corporation (CNOOC) has
signed an around $1.6 billion deal to build equipment for a
liquefied natural gas project in Siberia, the company said late
Under the agreement, CNOOC's Offshore Oil Engineering Co
will build "core modules" for the liquefication
process on the project in Yamal in the Russian Arctic, according
to a statement posted on CNOOC's website (www.cnooc.com.cn).
Novatek, Russia's second-largest gas producer, is developing
the $27 billion Yamal LNG project with France's Total
and China's top energy group, state-owned China National
Petroleum Corporation (CNPC).
The first production unit, with annual capacity of 5.5
million tonnes, is due to be launched in 2017.
In May, CNPC signed a deal to buy 3 million tonnes of LNG
per year from the Yamal project, as did Russia's Gazprom
CNPC also agreed in May to buy 38 billion cubic meters of
gas per year from Russia's Gazprom, in a deal unofficially
valued at $400 billion.
($1 = 6.1972 Chinese Yuan Renminbi)
(Reporting by Adam Rose; Editing by Joseph Radford)