(Yicai) Nov. 6 -- Chinese oil major China Petrochemical Corporation, also known as Sinopec, has signed its third long-term liquefied natural gas purchase deal with Qatar Energy at the sixth China International Import Expo.

The North Field South project, the second expansion phase of Qatar Energy's North Field project, will supply three million tons of LNG to Sinopec each year for 27 years, according to the contract the pair signed on Nov. 4. Moreover, Sinopec will purchase a nearly 1.88 percent stake in the NFS project.

In 2021, Sinopec and Qatar Energy signed a 10-year deal for two million tons of LNG anually. In November last year, they signed a 27-year contract for Sinopec to buy four million tons of LNG each year from Qatar Energy's North Field East project, the first expansion phase of the North Field project. In April, the Beijing-based firm said it would acquire a 1.25 percent stake in the NFE project.

On Nov. 4, Sinopec also signed purchase deals worth a total of USD40.3 billion for products such as crude oil, chemicals, equipment, and materials with 38 partners from 16 countries and areas, including Kuwait National Petroleum Company, Methanex, and Petronas.

China National Petroleum Corporation, another Chinese oil giant, announced in June that it would purchase a 1.25 percent stake in the NFE project. The firm also signed a deal to buy four million tons of LNG each year for 27 years.

Qatar announced a capacity expansion plan for the North Field, the world's biggest gas field, in 2021. Once the NFE project becomes operational, the North Field's annual LNG output will jump to 110 million tons from 77 million tons. And after the NFS project comes on stream, the annual LNG capacity of the North Field will increase to 126 million tons.

The construction of the NFE project began this year and will likely be completed in 2027, when the NFS project is expected to start construction.

Editor: Futura Costaglione