China's Sinopec seals 27-year LNG deal with QatarEnergy
Energy giants Sinopec and QatarEnergy have signed a 27-year liquified natural gas (LNG) deal on Monday. As state-owned companies of China and Qatar, respectively, the deal will allow QatarEnergy to provide 4 million tonnes of LNG each year to Sinopec.
Ma Yongsheng, chairman of Sinopec, said that China and Qatar complement one another in the energy sector, which creates a favorable environment for the two countries to deepen cooperation.
He added that the agreement with QatarEnergy aligns with Sinopec's green, low-carbon, safe and sustainable development goals. It will not only help meet the demand for natural gas in the Chinese market, but also further optimize China's energy consumption structure and improve the security, stability and reliability of its energy supply.
QatarEnergy President and CEO Saad Sherida Al-Kaabi said he was pleased that the two sides had reached an agreement. He said the deal would further consolidate the bilateral relations between China and Qatar.
The move will help meet China's growing demand for clean energy, and also marks the beginning of a new chapter in China-Qatar cooperation, he added.
Qatar is the world's top LNG exporter, and the country's North Field East Project will boost that position. The China-Qatar deal is the first long-term sales and purchase agreement under the project, which is expected to begin production in 2026.