QATAR ENERGY AND SINOPEC SIGN 27-YEAR LNG SUPPLY AGREEMENT
QatarEnergy entered into a 27-year Sale and Purchase Agreement (SPA) with China Petroleum & Chemical Corporation (Sinopec) for the supply of 4 million tons per annum (MTPA) of LNG to the People’s Republic of China.
Under the terms of the SPA, the contracted LNG volumes will be supplied from QatarEnergy’s North Filed East (NFE) LNG expansion project and will be delivered to Sinopec’s receiving terminals in China.
The agreement is the second LNG SPA between QatarEnergy and Sinopec, following the 10-year SPA signed in March 2021 for the supply of 2 MTPA to China.
The SPA is also the first long term LNG offtake agreement from the NFE Expansion project, and comes on the heels of QatarEnergy’s conclusion of the formation of eight international partnership agreements for the North Field East and North Field South (NFS) projects, which are expected to come online in 2026 and 2027, respectively.
QatarEnergy has also concluded construction contracts and long-term time charter agreements for 60 LNG carriers as part of its historic LNG shipbuilding program in support of both the NFE and NFS expansion projects, with the number expected to grow to almost 100 in the future.
(Source and image: Qatar Energy)