Woodside shares gain on new supply deal with Taiwan’s CPC
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The news: Shares in Woodside Energy were up in early trading after the oil and gas giant secured a deal to supply liquefied natural gas (LNG) to Taiwan petrochemicals firm CPC Corp.
The numbers: Under the long-term deal, Woodside will supply 6 million tonnes of LNG to CPC over a 10-year period starting July 2024. The two companies have the option to extend the deal for supply of another 8.4 million tonnes of LNG over 10 years starting in 2034.
Woodside shares were up 1.1% at $28.83 in a firm Australian market at 10:42am AEST.
The context: Woodside said the LNG deliveries to CPC would be sourced from its global portfolio.
CEO Meg O’Neill said the company’s first long-term agreement for sales to Taiwan was a demonstration of the ongoing demand for Australian LNG in Asian markets. State-owned CPC is Taiwan’s sole importer and supplier of natural gas.
The source: Woodside media release
