On Saturday Sinopec and QatarEnergy (the world’s top LNG supplier) signed a new 27-year liquefied natural gas (LNG) supply and purchase agreement.
News wires had the report, highlighting that:
- the two companies will cooperate on the second phase of the North Field (part of the world’s largest gas field which Qatar shares with Iran) expansion project, which will supply 3 million metric tons of LNG per year to Sinopec
- QatarEnergy will transfer a 5% interest to Sinopec in a joint venture company
- this is the third long-term supply deal between Sinopec and Qatar Energy
China is deepening its ties into Middle East energy.
This article was written by Eamonn Sheridan at www.forexlive.com.
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