Sinopec and Qatar Energy Company Sign Major Cooperation Agreement at Sixth China International Import Expo
During the Sixth China International Import Expo, Sinopec and Qatar Energy Company announced the signing of an integrated cooperation agreement for the second phase of the Northern Gas Field Expansion Project (NFS). This agreement includes a long-term liquefied natural gas (LNG) purchase and sale agreement as well as an upstream equity participation agreement.
According to the agreement, Qatar Energy will supply Sinopec with 3 million tons of LNG annually and transfer 5% of its equity in the joint venture to Sinopec, equivalent to 1.875% of the NFS project. The signing ceremony took place at the Sinopec Theme Forum of the expo.
Sinopec Chairman Ma Yongsheng expressed his satisfaction with the cooperation, stating that it is a productive outcome in line with the strategic alignment between China’s “Belt and Road” initiative and Qatar’s “2030 National Vision”. He emphasized that collaboration with Qatar Energy, the world‘s leading LNG producer, will help optimize China’s energy consumption structure and contribute to achieving the country’s “double carbon” goal.
Khaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of Qatar Energy, remarked that the two parties have a solid foundation for cooperation and expressed his eagerness for further collaboration in the energy sector.
Qatar is globally recognized as one of the leading exporters of liquefied natural gas. The northern gas field expansion project, currently the world‘s largest new LNG project, aims to build two additional LNG production lines with an annual capacity of 16 million tons.
This agreement marks the third long-term LNG purchase and sale agreement between Sinopec and Qatar Energy and the second integrated cooperation project following the first phase of the northern gas field expansion project.
(Source: China News Network)
Article source: China News Network
Original title: (Sixth China International Import Expo) Sinopec and Qatar Energy Company signed another major cooperation agreement
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