The agreement entails the delivery of 4 million tonnes of LNG per year from QatarEnergy’s North Field East (NFE) LNG expansion project to CNPC’s receiving terminals in China, spanning the course of 27 years, according to the Qatari state-owned company and the CNPC.
In addition to the sales agreement, QatarEnergy will also transfer 1.25 percent of NFE’s shares to the CNPC, the CNPC said on its official social media account.
The agreements were signed by Saad Sherida Al-Kaabi, the minister of state for energy affairs and CEO of QatarEnergy, and Dai Houliang, the chairman of CNPC, during a special ceremony.
“We are pleased to embark on this partnership with CNPC and to build on the excellent relations between the People’s Republic of China and the State of Qatar,” Al-Kaabi said.
For his part, Dai said the agreements lay a solid foundation for the energy cooperation between the two sides, and “from this brand-new starting point, CNPC will continue to actively discuss with QatarEnergy all-round cooperation.”
In April, Sinopec, another Chinese energy and chemical giant, also signed a similar partnership agreement with QatarEnergy and became the first Asian shareholder in the NFE project.