The Deal Will See QatarEnergy Supply 4 million tons of LNG to Sinopec Every year, and the Two Sides Carry out Integrated Cooperation on the Expansion Project of the Northern Gas Field

BEIJING, Nov. 22, 2022 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") and QatarEnergy  have  signed a  long-term Liquified Natural Gas (LNG) purchase and sales agreement for  the annual supply of  four million tons of LNG to Sinopec.  Both parties  will  work together on  Qatar's North Field Expansion Project ("the Project").

The 27-year long-term LNG purchase and sale agreement is an important part of the integrated cooperation between the two sides. Sinopec Chairman Ma Yongsheng and Qatari  Minister of State for Energy Affairs, President and CEO of QatarEnergy, H.E. Saad Sherida Al-Kaabi, formally signed the agreement together during an online ceremony.

China and Qatar have  enjoyed  friendly and close ties  while building synergies in the  energy sector,  Ma said. The healthy level of diplomacy creates  a favorable environment for both sides to continuously deepen their  cooperation.

"The signing of this agreement aligns  with Sinopec's adherence  to green, low-carbon, safe,  and sustainable development," Ma said. "The LNG supply will  help meet the demand for natural gas in the Chinese market, but also further optimize China's energy mix while enhancing the  security, stability,  and reliability of energy supply."

"We are delighted to have reached this agreement, which will further strengthen the excellent bilateral relationship between China and Qatar," said H.E. Mr. Al-Kaabi. "The  agreement  will help to meet China's growing demand for clean energy. This cooperation, which spans different fields and  will last for  27 years, marks  an  extraordinary and exciting new chapter of cooperation between the two sides.

Commissioning of the Northern Gas Field Expansion Project is slated  for 2026. This agreement is the second long-term LNG purchase and sale agreement signed between Sinopec and QatarEnergy, and the first long-term LNG purchase and sale agreement for the Project.

For more information, please visit  Sinopec.

Logo - https://mma.prnewswire.com/media/960416/SINOPEC_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/sinopec-and-qatarenergy-ink-long-term-lng-deal-301684931.html