QatarEnergy will supply Sinopec with 4 million tons of GNL each year, and the two parties will work together in an integrated manner on the North gas exploration project.
PEKIN, Nov. 23, 2022 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) and QatarEnergy have signed an agreement for the purchase and sale of long-term liquefied natural gas (GNL) for annual supply of four million tons GNL to Sinopec. The two parties will work together on the project to expand gas distribution from North to Qatar (“the Project”).
GNL’s long-term purchase and sale agreement with a term of 27 years is an important point of the integrated cooperation between the two parties. Sinopec President Ma Yongsheng and Qatar Minister of State for Energy Affairs, President and CEO of Qatar Energy HE Saad Sherida Al-Kaabi formally signed the agreement during an online ceremony.
China and Qatar have forged friendly and close ties to create synergies in the energy sector, Ma Yongsheng said. The existing healthy diplomatic ties create a favorable environment for both sides to further deepen their cooperation.
“Signing this agreement is in line with Sinopec’s commitment to ecological, low-carbon, safe and sustainable development,” Ma Yongsheng said. The delivery of GNL will help meet the demand for natural gas in the Chinese market and optimize China’s energy mix, while enhancing the security, stability and reliability of energy supply. ,
“We are very keen to finalize this agreement, which will further strengthen the excellent bilateral relationship uniting China and Qatar,” SEM Al-Kaabi said. The deal will help respond to China’s growing need for clean energy. This collaboration, which covers different areas and will last 27 years, marks a new chapter of the extraordinary and passionate collaboration between the two parties ».
The project to extend the Nord gas pipeline is scheduled to go into operation in 2026. This agreement is the second long-term GNL purchase and sale agreement signed between Sinopec and QatarEnergy and the first long-term GNL purchase and sale agreement under the project.
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