OR WAIT null SECS
© 2023 MJH Life Sciences™ and Turbomachinery Magazine. All rights reserved.
Chinese firm expands integrated cooperation in significant LNG project
China Petroleum & Chemical Corporation (Sinopec) signed an equity participation agreement with QatarEnergy on April 12, acquiring a 1.25% stake in Qatar's North Field East (NFE) expansion project. This agreement follows the 27-year long-term LNG purchase and sales agreement signed between Sinopec and QatarEnergy in November 2022, which provides for the annual supply of 4 million tons of LNG to Sinopec.
The signing ceremony took place at QatarEnergy's headquarters in Doha, where Sinopec Chairman Ma Yongsheng and Qatari Minister of State for Energy Affairs, President and CEO of QatarEnergy, H.E. Saad Sherida Al-Kaabi, formalized the agreement. Ma stated that the cooperation between Sinopec and QatarEnergy would "further strengthen the optimization of China's energy consumption pattern and improve the security, stability, and reliability of clean energy supply."
Al-Kaabi highlighted China's position as one of the world's most important natural gas markets and a key market for Qatar's energy products. He emphasized that the equity participation agreement fulfilled QatarEnergy's commitment to deepening relationships with major LNG clients, particularly by developing long-term strategic partnerships with top clients like Sinopec.
The NFE project, with a total investment of $28.75 billion, is projected to increase Qatar's annual LNG export volume from 77 million tons to 110 million tons. The partnership between Sinopec and QatarEnergy will help meet the growing demand for natural gas in the Chinese market and promote green, low-carbon, safe, and sustainable energy development. Both companies are expected to explore new LNG collaboration opportunities.