Oil major BP signed a deal worth around $20 billion yesterday to supply China National Offshore Oil Corporation (CNOOC) with liquefied natural gas (LNG), BP chief executive Bob Dudley said at a conference in Moscow.

The agreement was signed in London, as part of a series of trade deals coinciding with the arrival of Chinese Premier Li Keqiang for a three-day visit.

“It is a 20-year supply agreement on LNG. It is a fair price for them and a fair price for us. It is a good bridge between the UK and China in terms of trade,” Dudley said.

BP already supplies CNOOC with LNG from Indonesia.

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