Qatar Energy signed a 27-year natural gas supply agreement with China on Monday. The company referred to the agreement as the “longest” ever seen.
The China Petroleum and Chemical Corporation (Sinopec) would receive four million tonnes of liquefied natural gas yearly from the national energy company’s new North Field East project.
According to Saad Sherida Al-Kaabi, Qatar’s Energy Minister and Qatar Energy’s CEO, the arrangement “marks the longest gas supply agreement in the history of the LNG sector.”
Since Russia invaded Ukraine, European nations have been more interested in Qatar’s gas, which is primarily sold to Asian nations led by China, Japan, and South Korea.
Qatar plans to increase its liquefied natural gas production by more than 60% to 126 million tonnes annually by 2027 at the North Field. The first nation to sign a contract for North Field East is China. According to Mr. Kaabi, the agreement will help to build excellent bilateral relations between the State of Qatar and China and help China’s expanding energy needs.”
