ExxonMobil Signs 20-Year LNG Agreement with Zhejiang Energy

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  • Zhejiang Energy to receive 1 million metric tons of LNG per annum over 20 years
  • Agreement demonstrates ExxonMobil’s commitment to help meet China’s natural gas demand
  • Zhejiang Energy to build a Wenzhou LNG receiving terminal

IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil said today that it signed a sales and purchase agreement with Zhejiang Provincial Energy Group for liquefied natural gas (LNG) supply. Under the agreement, Zhejiang Energy is expected to receive 1 million metric tons per annum of LNG over 20 years.

“This sales and purchase agreement represents an important milestone and provides a solid foundation for our strategic partnership with Zhejiang Provincial Energy Group,” said Peter Clarke, senior vice president of LNG at ExxonMobil.

“ExxonMobil shares Zhejiang Energy’s vision in developing a major LNG gateway in the Ningbo-Zhoushan region,” Clarke said. “We look forward to continuing our support for Zhejiang Energy during the construction, commissioning and operation of its Wenzhou LNG receiving terminal."

ExxonMobil has been actively re-engaged in China’s energy industry since the late 1970s. With a long-term commitment to China, ExxonMobil expects to help meet China’s energy needs through its products, technologies, partnerships and investments.

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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules and capacities could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; timely completion of contemplated construction projects; technical or operating factors; the outcome of commercial negotiations; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.

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Source: Exxon Mobil Corporation

Released April 22, 2019