Sinopec and Qatar signed the longest LNG agreement in history, lasting for 27 years

On the 21st, Sinopec and Qatar Energy signed a 27 year long-term purchase and sale agreement for liquefied natural gas (LNG). Agence France Presse said that when Europe was in the energy crisis, Qatar Energy Company strengthened its ties with Asia. The company said this was the "longest" LNG purchase and sale agreement in history.

Ma Yongsheng, Chairman of Sinopec, and Saad Kabi, Minister of State for Energy Affairs of Qatar and President and CEO of Qatar Energy Corporation jointly signed the agreement online. According to the agreement, Qatari Energy will supply 4 million tons of LNG to Sinopec every year, AFP said. The agreement is an important part of the integrated cooperation between the two sides on the expansion project of Qatar North Gas Field, and is of milestone significance.

Saad Kabi, President and CEO of Qatar Energy (Visual China)

Al Jazeera TV reported that the signing of the agreement has enabled Qatar to have a large buyer of its rich natural gas resources, and at the same time, China has a stable and safe supply of clean energy, which can be described as mutually beneficial and win-win, and also has a huge role in promoting and important significance for bilateral relations.

It is reported that the expansion project of North Gas Field is expected to be put into production in 2026. This agreement is the second LNG long-term purchase and sale agreement signed by Sinopec and Qatar Energy Corporation, and also the first LNG long-term purchase and sale agreement for the capacity expansion project of Qatar North Gas Field.

Reuters said that Qatar is already the world's largest LNG exporter, and the expansion project of the North Gas Field will help it consolidate this position and help ensure the long-term natural gas supply to Europe. According to AFP, Qatar plans to increase its LNG production by more than 60% to 126 million tons per year by 2027. North gas field is the core of LNG production expansion in the country.

In recent years, China CARIGALI economic and trade cooperation has maintained a rapid momentum of development. In the first half of this year, the bilateral trade volume between China and Cambodia was US $12.83 billion, up 71% year on year.