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Singapore-based firm seals S$25b LNG, crude oil deal

Global Oil 57, a Singapore-based oil and gas firm, sealed a S$25 billion deal on Thursday with Al Qudra Marketing and Business Services and China's Ocean Century Energy Group (OCE).

SINGAPORE: Global Oil 57, a Singapore-based oil and gas firm, sealed a S$25 billion deal on Thursday with Al Qudra Marketing and Business Services and China's Ocean Century Energy Group (OCE).

The pact will see Al Qudra provide liquefied natural gas (LNG) to Global Oil 57 and OCE.

Under the deal, OCE will award Global Oil 57 a refinery crude oil supply contract.

Global Oil 57 and Al Qudra also signed a joint venture agreement for project management of two oil refineries.

Global Oil 57 executive chairman Thana Balan P Jaganathan said the deal is crucial in securing LNG and crude oil for the company's customers.

It has chosen Singapore to conduct these transactions due to its stable trading infrastructure, he added. 

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