BP strengthen its role as top foreign investor in China with an agreement with Huadian Corporation

BP and China Huadian Corporation, one of the five largest state-owned power generation companies in China and the country’s largest gas-fired power generator, today signed a sale and purchase agreement for BP to sell Huadian up to 1 million tonnes of LNG per year worth up to $10 billion over the next 20 years.
The agreement was one of several signed in London during this week’s State Visit to the UK by the President of the People’s Republic of China, Mr Xi Jinping and signed in the presence of President Xi and UK Prime Minister David Cameron.
“We expect China’s energy production to rise 47% and its consumption to grow 60% by 2035, making it the world’s largest energy importer,” said Edward Yang, President of BP China.
Bob Dudley, BP Group Chief Executive, said “[This agreement] not only strengthens China’s connections to BP and the UK as global trading partners, it also supports China’s commitment to improving its air quality and reducing its emissions through the use of lower carbon fuels.”