QatarEnergy has signed a long-term agreement to supply 4 million tonnes of liquefied natural gas (LNG) to China Petroleum & Chemical Corporation (Sinopec) annually.
The LNG purchase and sales agreement will be in effect for 27 years. The two parties will work together to develop the North Field Expansion Project in Qatar.
“The signing of this agreement aligns with Sinopec's adherence to green, low-carbon, safe, and sustainable development,” Sinopec Chairman Ma Yongsheng said.
“The LNG supply will help meet the demand for natural gas in the Chinese market, but also further optimize China's energy mix while enhancing the security, stability, and reliability of energy supply."
Also amongst the signatories were Qatari Minister of State for Energy Affairs, President and CEO of QatarEnergy Saad Sherida Al-Kaabi.
"The agreement will help to meet China's growing demand for clean energy. This cooperation, which spans different fields and will last for 27 years, marks an extraordinary and exciting new chapter of cooperation between the two sides,” Al-Kaabi said.
The project is expected to be commissioned by 2026.