Sinopec to Take 1.25 Percent Shares in Qatar's North Field East LNG Expansion Project
DOHA, Qatar, April 13, 2023 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has signed an equity participation agreement with QatarEnergy on April 12 to take 1.25 percent shares in Qatar's North Field East (NFE) expansion project, which is currently the largest Liquefied Natural Gas (LNG) project in the world.
The event marks another milestone after Sinopec and QatarEnergy inked a 27-year long-term LNG purchase and sales agreement in November 2022 for the annual supply of 4 million tons of LNG to Sinopec and achieves integrated cooperation on the NFE expansion project.
Sinopec Chairman Ma Yongsheng and Qatari Minister of State for Energy Affairs, President and CEO of QatarEnergy, H.E. Saad Sherida Al-Kaabi, formally signed the agreement at a signing ceremony in QatarEnergy's headquarter in Doha.
"QatarEnergy, a world-leading LNG producer, is one of Sinopec's most important partners, the cooperation between the two companies will further strengthen the optimization of China's energy consumption pattern and improve the security, stability, and reliability of clean energy supply. With the solid foundation of our partnership, we hope to explore new LNG collaboration opportunities and expand new grounds for cooperation to achieve mutual benefit and win-win progress," said Ma.
Al-Kaabi expressed that China is one of the world's most important natural gas markets and key market for Qatar's energy products. The equity participation agreement fulfilled QatarEnergy's promise to further deepen relationships with major LNG clients, especially on developing long-term strategic partnerships with world's top clients like Sinopec. Sinopec is the first Asian stakeholder of the NFE project and the event marks a model of Sino-Qatar cooperation.
With a total investment of USD 28.75 billion, the NFE project is projected to increase Qatar's annual LNG export volume from 77 million tons to 110 million tons.
Sinopec and QatarEnergy's partnerships will help to meet the demand for natural gas in the Chinese market and continue to advance green low-carbon, safe, and sustainable energy development.
For more information, please visit Sinopec.
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