QatarEnergy will sell 4 million tons of LNG per year to Chinese energy company Sinopec.
The Qatari state-owned company QatarEnergy and the Chinese Sinopec have signed a contract for the supply of liquefied natural gas (LNG) for 27 years. Reuters reported this on Monday, November 21.
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The agency wrote that after Russia’s attack on Ukraine, competition for LNG in the world has intensified, and Europe in particular needs large quantities to replace Russian pipeline gas, which previously accounted for nearly 40% of import it.
“Today is a milestone for the first LNG sales and purchase agreement for the North Field East project, which is 4 million tons over 27 years for China’s Sinopec,” said QatarEnergy CEO Saad al-Kaabi before the deal was signed.
The northern field is part of the world’s largest gas field, which Qatar shares with Iran, which calls its portion South Pars.
QatarEnergy signed earlier this year five agreements to expand the North Field, which includes six LNG lines that will increase Qatar’s liquefaction capacity from 77 million tons per year to 126 million tons per year by 2027.
Kaabi added that negotiations are ongoing with other buyers in China and Europe who want to ensure security of supply.
Qatar is already the world’s largest LNG exporter, and its North Field expansion project will strengthen that position and help secure long-term gas supplies to Europe as the continent looks for alternatives to Russian flows. .
It will be remembered that during the 10 months of 2022, China reduced gas purchases by 10%. At the same time, in terms of value, gas imports grew by almost 40% to $55.19 billion.
It has also been reported that China is buying gas from the Russian Federation at half price and selling it at a higher price to Europe. But in October, the PRC authorities abandoned this work to calmly go through the heating season.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.