Sinopec Inks First 10-Year LNG Deal With Qatar Petroleum to Ensure Supply(Yicai Global) March 23 -- China Petroleum and Chemical has secured two million tons of liquefied natural gas from a state-owned petroleum giant in Qatar over the next decade, the first long-term LNG contract between the two firms.
China Petroleum and Chemical, also known as Sinopec, penned a long-term purchasing contract with Qatar Petroleum yesterday, the Paper reported.
China and the Middle Eastern country are close partners in energy while their cooperation is expected to deepen as the Asian nation's government has lately been strengthening its policy support for LNG, a low-emission fuel. Since 2009, China has bought 62 million tons of LNG from Qatar.
This is Sinopec's first long-term LNG deal with Qatar Petroleum, said Chairman Zhang Yuzhuo. The agreement is to satisfy the local energy demand but it also shows the buyer's commitment to sustainable and green development, Zhang added.
The contract has further consolidated the two countries' good bilateral relations and should fulfill China's growing demand, said Saad Sherida al-Kaabi, chief executive of the Doha-based company and Qatar's energy minister.
Editor: Emmi Laine, Xiao Yi
