China to launch Guangdong LNG terminal, Exxon has 20-year access – Reuters

China’s Guangdong Energy is expected to start commercial operation of a new liquefied natural gas receiving terminal in south China next week, which Exxon Mobil (NYSE:XOM) has agreed to use under a 20-year agreement, Reuters reported Thursday.

Exxon (XOM) agreed last December to use the $1B terminal in Guangdong province to handle 1.8M metric tons/year of LNG; the facility can handle ~4M tons/year, according to the report, which also said the agreement does not appear to include an equity stake for Exxon.

Reuters said an Exxon (XOM) China representative confirmed the agreement for terminal access, which the company had not previously announced.

Exxon (XOM) reportedly will use the terminal partly to supply gas to its fully-owned multi-billion-dollar chemical complex in the province which is now in an advanced stage of construction and expected to start operations in 2025.

Separately, Exxon (XOM) has proposed a $10B investment in offshore oil operations in a new investment push in Nigeria, a presidential spokesperson said, according to Reuters.

The spending plan was announced during talks between Nigeria’s vice president and Shane Harris, CEO of Exxon’s (XOM) Nigeria operations, on the sidelines of the United Nations General Assembly in New York on Wednesday.