21.06.2023
Qatar Energy inked a 27-year agreement with the China National Petroleum Corporation (CNPC) to provide 4 million tons of LNG per year.
CNPC will also receive a 5% interest in Qatar’s North Field East expansion project.
The stake is equivalent to one LNG “train” with a capacity of 8 million tons per year, according to a press release. LNG trains are facilities in which gas is converted into liquid form.
A tweet by Qatar Energy reads: ”Qatar Energy chooses the China National Petroleum Corporation as a partner in the Northeast field and signs an agreement with it to supply 4 million tons of liquefied natural gas annually for a period of 27 years to China”.
Qatari Energy Minister Saad Al-Kaabi, who is also president and CEO of Qatar Energy, said the parties are pleased to “build on the excellent relations between the People’s Republic of China and the State of Qatar.”
QatarEnergy and CNPC are both state-owned entities.
The deal is the second major gas deal between Qatar and China. Last autumn, Qatar Energy and the Chinese oil giant Sinopec signed a 27-year supply agreement for 4 million tons of LNG annually.
