Qatar’s state-owned petroleum company, Qatar Petroleum has signed a long-term purchase and sales agreement with Chinese oil and gas enterprise China Petroleum & Chemical Corporation (Sinopec), to supply 2 million tons of liquefied natural gas (“LNG”) every year for a term of 10 years.
The partnership between China and Qatar in the energy sector has begun in 2009, and this alliance will strengthen Qatar’s ability to supply the Chinese market to meet rising demand while also highlighting Qatar Petroleum’s leadership position in the industry.
China is a key and strategic energy partner for Qatar across the entire energy value chain. With the government’s introduction of a series of environmental protection initiatives, China’s LNG market will continue to expand steadily in the future, opening up a wide range of opportunities for collaboration between the two parties, as per the reports.
“The signing of the first long-term LNG contract with Sinopec has further strengthened the sound bilateral ties between the two countries, as well as the beginning of establishing a long-term, fruitful cooperative partnership between Qatar Petroleum and Sinopec.”
Zhang Yuzhuo, Chairman of Sinopec, commented, “We look forward to further cooperation with Qatar Petroleum in the future. Sinopec has always advocated for the development of green and clean energy and the long-term LNG supply agreement will not only meet the needs of the Chinese market but will also demonstrate Sinopec’s commitment to a low-carbon, green, safe, responsible, and sustainable development path.”
Established in 1974, Qatar Petroleum is the national oil corporation of Qatar. It is responsible for the development of the oil and gas industry in the State of Qatar, and its main businesses include oil and gas exploration and development.
Sinopec is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum & natural gas, and so on. Sinopec sets ‘fueling beautiful life’ as its corporate mission, puts ‘people, responsibility, integrity, precision, innovation and seeks to achieve the corporate vision of building the world’s leading energy and chemical company.