China’s Sinopec and Qatar Energy Sign Integrated Cooperation Agreement for Northern Gas Field Expansion Project

November 05, 2023 23:09 PM

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[Beijing News]On November 4, reporters learned from the Sinopec Information Office that during the Sixth China International Import Expo, Sinopec and Qatar Energy signed an integrated cooperation agreement for the second phase of the Northern Gas Field Expansion Project (NFS). Including a 27-year long-term purchase and sale agreement for liquefied natural gas (LNG) and an upstream equity participation agreement. According to the agreement, Qatar Energy will supply 3 million tons of LNG to Sinopec every year and transfer 5% of its equity in the joint venture to Sinopec (equivalent to 1.875% of the NFS project). This is the third long-term LNG purchase and sale agreement signed by the two parties, and also the second integrated cooperation project reached by the two parties after the first phase of the northern gas field expansion project.
The signing ceremony was held at the Sinopec Theme Forum of the Sixth China International Import Expo. Ma Yongsheng, Chairman of Sinopec, and His Excellency Al Qaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of Qatar Energy, signed the agreement on behalf of both parties. Senior officials from both parties attended the ceremony.
Ma Yongsheng said that this cooperation is another fruitful result in implementing the spirit of the meeting between the two heads of state and promoting the strategic alignment between China’s “Belt and Road” initiative and Qatar’s “2030 National Vision”. Qatar Energy is the world’s leading LNG producer and one of Sinopec’s most important partners. Cooperation with Qatar Energy Company will help further optimize China’s energy consumption structure, build a new energy system, and help my country achieve its “double carbon” goal. It is hoped that both parties will continue to explore all-round cooperation on the basis of existing good cooperation and achieve a higher level of win-win development.
Kaabi said that Sinopec is one of our cherished partners and the two parties have a good basis for cooperation.
We are very pleased to see the continued expansion of cooperation between Qatar Energy Company and Sinopec, and look forward to more cooperation between the two parties in the energy field in the future. Sinopec is an international energy and chemical company with growing influence. It has a complete industrial chain, continues to expand diversified businesses, and continues to promote the research, development and application of green and low-carbon technologies. Qatar is the world’s largest liquefied natural gas producer, and cooperation between the two parties will shape a new global energy landscape.

2023-11-05 15:09:00
#Qatar #Energy #supply #million #tons #LNG #Sinopec #year

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