Sinopec signs long-term LNG purchase and sale agreement with Qatar Energy

China Petroleum & Chemical Corporation (Sinopec), China's largest oil refiner, announced Monday that the company has signed a 27-year long-term Sale and Purchase Agreement (SPA)  for liquefied natural gas (LNG) with Qatar Energy, a state-owned petroleum company of Qatar.

Under the terms of the SPA, Qatar Energy will supply 4 million tonnes of the fuel each year. It is the second SPA signed between Sinopec and Qatar Energy, as well as the first long-term LNG sales and purchase agreement for the North Field expansion project, which is expected to come into operation in 2026.

Chairman of Sinopec Ma Yongsheng said that the deal is in line with Sinopec's tenet and requirements of green, low-carbon, safe and sustainable development, which will not only help meet the demand for natural gas in the Chinese market, but also optimize China's energy consumption structure and improve the security, stability and reliability of its energy supply.

The Minister of State For Energy Affairs, the President and CEO of Qartar Energy, Saad Sherida Al-Kaabi said that the cooperation spans different areas is of extraordinary significance, opening a new chapter of cooperation between the two parties.