BEIJING, April 1 (Xinhua) -- Guangzhou Development Group Incorporated (GDG, 600098.SH) announced on Thursday that its wholly-owned subsidiary signed a liquefied natural gas (LNG) purchase agreement with the Singapore-based Mexico Pacific LNG Markets Pte Ltd. (MPL), according to GDG's filling to the Shanghai Stock Exchange.
According to the agreement, Guangzhou development natural gas trading Co., Ltd., the subsidiary of GDG, will purchase two million tonnes of LNG per year from MPL.
The agreement will last for 20 years after the commercial operation of the project begins.
The signing of the agreement is conducive to enriching GDG's procurement sources of natural gas and further improving its natural gas supply capacity, according to the filing.
Founded in 1997, GDG principally engages in the investment, development and operation of integrated energy including power, gas, new energy as well as energy logistics and energy financial businesses. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
A single purchase
