By : Inspenet, Nov 24, 2022
The Qatari national company QatarEnergy has this week signed a contract with the Chinese energy company Sinopec to supply Liquefied Natural Gas (LNG) to China until 2050, reports Reuters.
“This day is an important milestone for the first SPA for the North Field East project; it is 4 million tons over 27 years for China’s Sinopec,” said the CEO of QatarEnergy and Minister of energy of the Arab country, Saad al Kaabi before the signing of the contract.
Al Kaabi stressed that they are “very happy” about the new supply contract, considered the longest in history, and noted that the agreement will take the relationship between the two countries to another level.
This year, competition for LNG has intensified due to the conflict in Ukraine. According to the agency, one of the most affected regions is Europe, since Russian gas exports represent 40% of the total European consumption of this fuel.
In this sense, the North Field East project, which is an expansion of the world’s largest gas reserve, located in Qatari and Iranian territorial waters, is positioned as an alternative to Russian hydrocarbons and could guarantee a long-term gas supply to Europe, notes Reuters.
“I think the recent volatility has led buyers to understand the importance of having long-term supply,” Qatar’s energy minister concluded.
Source Actualidad RT in Spanish : https://actualidad.rt.com/actualidad/448880-catar-firma-contrato-gas-natural-china
Photo: ShutterStock
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