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Chinese company acquires part of stake in a major gas project from Qatar Energy

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Qatar Energy today signed a partnership agreement with the China Petrochemical Corporation (Sinopec) on the northeast field expansion project, the largest project in the history of the LNG industry.

As part of this agreement, Qatar Energy will transfer to Sinopec a 5 percent share in the equivalent of one production line of the project with a capacity of 8 million tons per year, while maintaining the shares of other partners unchanged.

This agreement is a milestone in Sinopec’s entry as a partner in one of the joint ventures that own the North East field development, considered one of the most important projects in the global LNG industry.

The agreement was signed by Saad bin Sherida Al Kaabi, Minister of State for Energy, President and CEO of Qatar Energy, and Ma Yongxing, Chairman of the Board of Directors of Sinopec, at a ceremony held today at Qatar Energy Headquarters in the presence of a number of senior officials persons of the two companies.

Al-Kaabi said that the People’s Republic of China is one of the world’s most important gas markets and a major outlet for Qatari energy. Aligning interests with partners with global opportunities from China, presented here today by Sinopec.

Referring to the agreement signed by both parties in November 2022 for the supply of four million tons of liquefied natural gas per year from the Northeast field expansion project,

Al-Kaabi said: “Not only was this the first signed and announced LNG sale and purchase agreement for the North East Expansion Project, but it was also the longest-running agreement of its kind in the history of the LNG industry. joins the LNG family in Qatar.” As the first Asian partner in the North East Expansion Project.

He added, “The signing of the agreement with Sinopec represents a new milestone in the outstanding bilateral relationship between the People’s Republic of China and the State of Qatar, and on this occasion, I would like to thank all the members of the working groups in Sinopec. and Qatar Energy for their great efforts that led to the signing of this important agreement.”

Notably, this is the first announcement of its kind since a series of announcements to select partners for the $28.75 billion Northeast Field Expansion Project, which will increase Qatar’s LNG production capacity from 77 million tons per year to 110 million tons per year. . .

Source: RT

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