(Yicai Global) April 13 -- China Petroleum and Chemical Corporation, also known as Sinopec, will acquire a 1.25 percent stake in Qatar's North Field Expansion Project from QatarEnergy, the world's biggest seller of liquefied natural gas.

Beijing-based Sinopec announced the agreement yesterday. The North Field project, which has a total investment of USD28.8 billion, is scheduled to become operational in 2026 and raise Qatar's annual LNG export capacity to 110 million tons from 77 million tons.

Nearly all of Qatar's natural gas output and 60 percent of its exports come from the North Field, with its expansion being the world's biggest LNG project. Qatar ranks third globally in natural gas reserves after Russia and Iran.

The cooperation with QatarEnergy will help improve China's energy consumption structure and make its clean energy supply safer, stabler, and more reliable, said Simpoec Chairman Ma Yongsheng.

Last November, the Chinese oil and gas giant secured one of the biggest-ever LNG deals after it signed a 27-year contract to buy 4 million tons a year from QatarEnergy. This was the second long-term LNG agreement between the two state-owned energy firms and the first long-term LNG deal for the North Field Expansion Project.

Editor: Martin Kadiev