Title: Sinopec and Qatar Energy Company Sign Agreement at China International Import Expo
Subtitle: Second Phase of Northern Gas Field Expansion Project Sees Continued Collaboration
November 4, 2022
During the Sixth China International Import Expo, Sinopec, one of China’s largest state-owned oil and gas companies, and Qatar Energy Company have entered into an integrated cooperation agreement for the second phase of the Northern Gas Field Expansion Project (NFS). The agreement encompasses a long-term liquefied natural gas (LNG) purchase and sale agreement spanning 27 years, as well as an equity participation agreement related to upstream activities.
Under the terms of the agreement, Qatar Energy will supply Sinopec with 3 million tons of LNG annually. Additionally, 5% of Qatar Energy’s equity in the joint venture will be transferred to Sinopec, equivalent to 1.875% of the NFS project. This latest agreement marks the third long-term LNG purchase and sale agreement between the two parties and signifies the second integrated cooperation project following the successful completion of the first phase of the northern gas field expansion.
The Northern Gas Field Expansion Project aims to leverage the abundant natural gas resources in the region to meet China’s growing demand for energy. Sinopec and Qatar Energy’s collaboration will further enhance the project’s capability to ensure a stable supply of LNG to support China’s economic development.
Both companies have a strong track record of successful partnerships. This latest agreement not only reinforces their commitment to long-term collaboration but also signifies the strategic importance of China’s energy market. As China continues to pursue sustainable and clean energy sources, LNG serves as a crucial component of the country’s energy transition.
Sinopec’s focus on diversifying its energy resources aligns with Qatar Energy’s expertise in LNG production and distribution. The partnership between the two companies presents a win-win situation, as Sinopec gains access to a reliable LNG supplier, while Qatar Energy benefits from Sinopec’s extensive market reach in China.
The Securities Times acknowledges the significance of this collaboration but emphasizes that the information presented is solely for reference purposes and should not be considered as investment advice. Investors are encouraged to conduct their own research and assessments before making any investment decisions.
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