State-owned Qatar Petroleum (QP) on Monday signed an agreement to supply China Petroleum & Chemical Corp., aka Sinopec, with 2 million tonnes (Mt) of liquefied natural gas (LNG) per year for a period of 10 years .
The deal is another bold move for QP, which seeks to strengthen its position in the future of the global gas market. As Qatar began supplying its customers in China with LNG in 2009, the sale and purchase agreement (PPS) announced on Monday is its first long-term deal with Sinopec, a major Chinese importer of LNG.
Under the agreement, deliveries will start in January 2022 and will be shipped to Sinopecs LNG terminals in China. The country is the world’s second largest importer of LNG, accounting for 17.4% of the global market in 2019, according to the International Group of Liquefied Natural Gas Importers.
China is also expected to generate a significant share of future growth in LNG export trade, as President Xi Jinping has already announced plans for an energy revolution and targets for a carbon-neutral economy by 2060.
Sinopec has been a strong advocate for cleaner and greener development, said Zhang Yuzhuo, president of Sinopec. The signing of the long-term LNG SPA with Qatar Petroleum is another step for Sinopec to meet its commitment to sustainability while meeting the growing needs of the Chinese market.
About two-thirds of Qatar’s LNG exports are delivered throughout Asia. The company has shipped 62 Mt to China alone since it began exporting to the country in 2009. QP’s deal with Sinopec is part of a larger effort to consolidate its dominance in the export market after signing other recent supply agreements and secure most of the world. LNG shipbuilding capacity to service its $ 30 billion North Field East expansion project, the largest LNG development ever licensed.
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