2023-11-04 14:58:07
Qatar Energy announced in a statement today, Saturday, the signing of a partnership agreement with the China Petrochemical Corporation (Sinopec) in the North South Field expansion project.
The two sides also signed a long-term sale and purchase agreement to supply 3 million tons annually of liquefied natural gas from the South North Field expansion project to Sinopec receiving stations in China over a period of 27 years.
According to the company’s statement, “These two agreements constitute an important milestone in the distinguished bilateral relations between the People’s Republic of China and the State of Qatar, as well as between Sinopec and Qatar Energy.”
Under the partnership agreement, Qatar Energy will transfer to Sinopec a 5% share of a joint venture company that owns the equivalent of 6 million tons annually of the South North Field project’s production capacity of liquefied natural gas annually.
The two agreements were signed by Saad bin Sherida Al Kaabi, Qatari Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, and Ma Yong-xing, Chairman of the Board of Directors of Sinopec, at a ceremony held today, Saturday, in Shanghai.
This is the second agreement of its kind with Sinopec since the signing of the first partnership contract in Doha last April, which witnessed Sinopec becoming a partner in one of the joint companies that owns the North East Field development project, one of the most important projects in the global liquefied natural gas industry.
According to Qatar Energy’s statement, “Today’s agreement will not affect the shares of other partners in the project.”
This long-term sale and purchase agreement follows an agreement signed with Sinopec in November 2022 to supply 4 million tons per year of LNG for a period of 27 years, the longest in the history of the LNG industry.
Qatar Energy and Sinopec sign two historic partnership agreements in the South North Field expansion project and to supply liquefied natural gas to China for a period of 27 years.#Qatar_Energy #Qatar pic.twitter.com/LhLDdE3C6x
— QatarEnergy (@qatarenergy) November 4, 2023
It is noteworthy that the North Field (the largest field in supplying the world with clean energy) includes 6 giant production lines, 4 of which are in the North East Field Expansion Project and two in the South North Field.
The project will produce 6.5 thousand tons per day of ethane gas, 200 thousand barrels per day of liquefied petroleum gas and 450 thousand barrels per day of condensate, as well as large quantities of helium and pure sulfur gas.
Qatar Energy’s activities cover the various stages of the oil and gas industry, and include exploration, production, refining, marketing, trading and selling of oil and gas, petroleum derivatives, and petrochemical and downstream products.
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