DOHA, Qatar, April 13, 2023 /PRNewswire/ — China Petroleum
The event marks another milestone after Sinopec and QatarEnergy signed a 27-year long-term LNG purchase and sale agreement in November 2022 for the annual supply of 4 million tons of LNG to Sinopec and achieves integrated cooperation in the NFE expansion project.
Sinopec Chairman Ma Yongsheng and Minister of State for Energy Affairs of Qatar, Chairman and CEO of QatarEnergy, H.E. Saad Sherida Al-Kaabi, formally signed the agreement at a ceremony held at QatarEnergy’s headquarters in Doha.
“QatarEnergy, a world leader in LNG production, is one of Sinopec’s most important partners; the cooperation between the two companies will further strengthen the optimization of China’s energy consumption pattern and enhance the security, stability and reliability of energy supply. On the solid foundation of our partnership, we look forward to exploring new opportunities for LNG collaboration and expanding new fields of cooperation to achieve mutual benefit and win-win progress,” Ma said.
Al-Kaabi said that China is one of the world’s most important natural gas markets and a key market for Qatar’s energy products. The equity participation agreement fulfilled QatarEnergy’s promise to further deepen relationships with major LNG customers, especially developing long-term strategic partnerships with major global customers such as Sinopec. Sinopec is the first Asian shareholder of the LNG project and the event marks a model of China-Qatar cooperation.
With a total investment of $28.75 billion, the NFE project is expected to increase Qatar’s annual LNG export volume from 77 million tons to 110 million tons.
The Sinopec and QatarEnergy partnerships will help meet the demand for natural gas in the Chinese market and further advance the development of green, safe, sustainable and low-carbon energy.
For more information visit Sinopec.
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