Towngas and Foran Energy sign strategic cooperation agreement

The two energy firms will deepen their collaboration.

Towngas Smart Energy and Foran Energy inked a strategic cooperation agreement in Shanghai to deepen their collaboration.

Under the agreement, the two firms aim to achieve strategic advancement and mutual benefits, "whilst driving the further development of core business areas and continuing to promote the transition towards green and low-carbon energy."

Towngas Smart Energy serves as the investment and operational management platform of Towngas on the Chinese mainland. Over the years, it reported over 300 projects in the Chinese mainland.

In 2022, its gas sales volume surpassed 40 billion cubic metres. With its extensive market presence and customer resources to its advantage, Towngas Smart Energy is now one of the largest city gas groups on the Chinese mainland.

Foran Energy, on the other hand, focuses on the city gas business in Southern China. In 2022, its gas supply volume exceeded 4.3 billion cubic metres. Whilst ensuring a reliable regional natural gas supply, Foran Energy proactively promotes services in petroleum storage, hydrogen energy, thermal energy, photovoltaics, and energy technology. 

Foran Energy also signed another long-term LNG contract with Cheniere Energy to strengthen their ongoing collaboration.

"The agreement represents an in-depth cooperation between Cheniere and the regional city gas sector on the Chinese mainland, and also marks Foran Energy’s first international long-term resource contract in the FOB model," read the statement.

"It is also the first international long-term contract secured by Foran Energy following its attainment of an investment-grade international rating," read the statement.