Although industry analysts have speculated the country may postpone its massive natural gas import blueprint against the backdrop of high energy prices, Xu Dingming, a senior official from the National Development and Reform Commission, said in July that China has its own solutions to secure gas supplies for these LNG terminals, but "would not import an enormous quantity of the fuel if prices remain high."

Industry analysts said falling global crude prices might help China secure more LNG deals in the future if the situation continues.

"In the coming years, China is bound to become one of the major LNG off-takers. This agreement with CNOOC a company which expects to be purchasing between 20 and 25 million tons of LNG per year by 2010 confirms once more Suez's role at the forefront of the LNG business," Rick Grant, chief executive of Suez Global LNG, was quoted by Reuters as saying on Tuesday.

CNOOC in September announced that it had finalized a deal to buy LNG from the BP-led Tangguh project in Indonesia for its terminal in East China's Fujian Province.

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