Sunday, June 23, 2024

Qatar Energy signs two liquefied natural gas contracts with China’s Sinopec

Date:

Qatar Energy announced in a statement today that it has signed a joint venture agreement with China Petrochemical Corporation (Sinopec) on the North South Field Expansion Project.

The two parties signed a long-term sales and purchase agreement to supply 3 million tons of liquefied natural gas annually from the South North Field Expansion Project to Sinopec receiving stations in China for 27 years.

According to the company’s statement, “These two agreements constitute an important milestone in the bilateral relations between the People’s Republic of China and the State of Qatar, and Sinopec and Qatar Energy.”

Under the partnership agreement, Qatar Energy will transfer to Sinopec a 5% stake in a joint venture company that will hold 6 million tonnes of liquefied natural gas equivalent annually of the South North Field project’s production capacity.

At a ceremony held today, Saturday, Qatar’s Minister of State for Energy Affairs Saad bin Sherida Al Gabi, Qatar Energy’s Managing Director and CEO Saad bin Sherida Al Gabi and Chairman of the Board of Directors of Sinopec Ma Yong-sing signed the two agreements. , in Shanghai.

This is the second agreement with Sinopec since the first partnership agreement was signed in Doha last April, making Sinopec a partner in one of the joint ventures that owns one of the most important projects, the Northeast Field Development Project. In the global liquefied natural gas industry.

According to a statement from Qatar Energy, “Today’s agreement does not affect the stakes of other stakeholders in the project.”

This long-term sale and purchase agreement follows an agreement signed with Sinopec in November 2022 to supply 4 million tons of LNG per year for 27 years, the longest in the history of the LNG industry.

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Notably, the North Field (the largest field providing clean energy to the world) includes 6 giant production lines, 4 of which are in the Northeast Field Expansion Project and two in the South North Field.

The project will produce 6.5 thousand tons per day of ethane gas, 200 thousand barrels per day of liquefied petroleum gas, 450 thousand barrels per day of condensate and large quantities of helium and pure sulfur gas.

Qatar Energy’s operations cover various levels of the oil and gas industry, and include exploration, production, refining, marketing, trading and sales of oil and gas, petroleum derivatives and petrochemicals and downstream products.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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