Singapore O&G firm seals S$25bn LNG and oil deal

Singapore: Singapore-based oil and gas firm Global Oil 57 has reached deals worth S$25bn with two partners, Al Qudra Marketing & Business Services and China's Ocean Century Energy group (OCE).

Al Qudra will provide LNG to Global Oil 57 and OCE for 25 years while OCE will award Global Oil 57 a refinery crude oil supply contract.

Global Oil 57 and Al Qudra also signed a joint venture agreement for project management of two oil refineries.

"The reliable supply of these products is critical to the operations of our clients around the world, and therefore critical to our success," said Global Oil 57's executive chairman, Thana Balan P Jaganathan. "We have opted to conduct these transactions in our home country of Singapore, due to its stable trading infrastructure," he added. [23/05/14]

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