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

August 24, 2023 at 23:38 PM

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Bank of Korea Governor Lee Changyong

[Xinhua Finance]South Korea’s central bank kept interest rates unchanged at 3.5%, the fifth consecutive suspension of interest rate hikes, in line with market expectations. The Bank of Korea said that it will maintain a tightening policy stance for quite a long time, and the uncertainty of South Korea’s economic growth remains high.
The Bank of Korea said that it is expected that domestic economic growth will gradually improve, and the decline in South Korea’s exports will ease, which will help GDP growth; South Korea’s consumption may gradually recover, and the risks faced by some non-bank financial sectors have eased; housing prices in Seoul and surrounding areas Growth will pick up and growth in household debt will be monitored.
The Bank of Korea left its GDP growth forecast unchanged at 1.4% in 2023; it expects GDP growth to be 2.2% in 2024, up from 2.3% in May. The Bank of Korea expects CPI to be 3.5% in 2023, the same as the forecast in May; it is expected to be 2.4% in 2024, the same as the forecast in May. Core inflation is likely to be slightly higher this year than it forecast in May, the Bank of Korea said, raising its 2023 core CPI forecast to 3.4% from 3.3% previously.
The Bank of Korea has been on hold since raising rates in January. The decision of the Bank of Korea to keep interest rates unchanged reflects the cautious attitude of policymakers. The previous year of policy tightening triggered a correction in the real estate market and led to an increase in the project financing delinquency rate of some weakly qualified lenders. Although the authorities have taken steps to stabilize the industry, some weaknesses remain.
According to Yonhap News Agency, as of July 2023, South Korea’s exports have declined for 10 consecutive months. From March 2022 to May 2023, South Korea’s foreign trade deficit will last for 15 months. Analysts pointed out that in 2023, the South Korean economy will fall into a dilemma of continuous decline in exports, sluggish manufacturing, and weak growth. Affected by global high inflation, high interest rates and trade fragmentation trends, South Korea’s export decline is unlikely to be reversed in the short term, and economic recovery is struggling.
Slowing economic growth and high household debt may keep the Bank of Korea from raising interest rates further, opting instead for a hawkish stance to prevent market expectations of rate cuts.
Kwon Hyosung, an economist at Bloomberg News, said, “The Bank of Korea is concerned about the acceleration of bank lending to households, which is a financial stability risk, and inflation will come back later this year.” Putting significant downward pressure on that is another reason. With the fragile non-bank sector at risk of loan defaults, rate hikes are unlikely.”
The Bank of Korea rate decision was made ahead of global monetary officials gathering for their annual meeting in Jackson Hole, United States.
Bank of Korea Governor Rhee Changyong said in parliament on Tuesday that the council will pay attention to Fed Chairman Jerome Powell’s speech on Friday, saying that the direction of U.S. monetary policy is more important than the interest rate differential between South Korea and the United States.

2023-08-24 15:38:00
#South #Koreas #central #bank #pauses #rate #hike #straight #time #economic #recovery #falters