Sinopec inks 20-yr LNG deal with US exporter

A man takes pictures of models displayed at the Sinopec booth during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, Sept 4, 2021. [Photo/Agencies]

China Petroleum and Chemical Corp, also known as Sinopec and the world's largest refiner by volume, said on Thursday that the company has inked a 20-year LNG deal with US exporter Venture Global LNG, which will supply 4 million tons of LNG each year.

The deal is the single largest LNG trade agreement in terms of volume between China and the US so far, said Sinopec.

Unipec, the trading arm of Sinopec, will also buy 3.8 million tons of LNG from Venture Global's Calcasieu Pass Facility.

Venture Global's deal with Sinopec follows an earlier announcement by China's privately controlled ENN Energy for a 13-year deal with US LNG exporter Cheniere Energy LNG.

Ma Yongsheng, president of China Petroleum and Chemical Corp, said the LNG purchase and sales agreement with Venture Global will further facilitate the country's goals toward achieving a carbon peak by 2030 and carbon neutrality by 2060.