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7

China To Buy LNG from Malayzia

The LNG will supply Shanghai, where China National Offshore Oil Corp., the nation's third biggest oil company

China, the world's biggest energy user after the U.S., agreed to buy liquefied natural gas over 25 years from Malaysia to meet rising demand in the world's fastest-growing major economy.

The LNG will supply Shanghai, where China National Offshore Oil Corp., the nation's third biggest oil company, and partner Shenergy Group, are building a 4.6 billion yuan ($576 million) receiving terminal for the fuel, Petroliam Nasional Bhd., Malaysia's national oil company, said in a statement on its Web site today.

China National Offshore in August said it reached an agreement with Malaysia to buy LNG.