Sinopec acquires 1.25 pct stake in QatarEnergy's gas field project

BEIJING, April 12 (Xinhua) -- Sinopec, China's biggest oil refiner, said it signed an agreement with QatarEnergy on Wednesday to acquire a 1.25 percent stake in the latter's North Field expansion project.

With a total investment of 28.75 billion U.S. dollars, the expansion project is the world's largest liquefied natural gas (LNG) project and is expected to begin production in 2026.

It will boost Qatar's annual LNG exports from 77 million tonnes to 110 million tonnes, Sinopec said.

QatarEnergy is one of Sinopec's most important partners. The cooperation will help optimize China's energy consumption structure and enhance the security, stability and reliability of China's clean energy supply, said Ma Yongsheng, chairman of Sinopec.

In November 2022, Sinopec signed a 27-year deal to buy LNG from QatarEnergy. According to the agreement, QatarEnergy would supply 4 million tonnes of LNG to Sinopec annually.