Qatar’s power minister and chief of QatarPower has referred to as the signing a “milestone agreement” and a brand new “landmark” for relations between Doha and Beijing.
(Reuters)
Chinese oil big Sinopec has develop into the primary Asian agency to get a stake in Qatar’s growth of North Field East, the Gulf nation’s power firm introduced.
QatarPower mentioned on Wednesday Sinopec will get a 5 % stake within the equal of an eight-million-tonne manufacturing advanced.
Qatar’s power minister and chief of QatarPower Saad Sherida Al Kaabi referred to as it a “milestone agreement” and a brand new “landmark” for relations between the 2 international locations.
France’s TotalEnergies, Britain’s Shell, Italy’s ENI and the United States’ ConocoPhillips all have greater shares in North Field East.
QatarPower didn’t give a price for the Sinopec deal however mentioned it “will not affect the participating interests of any of the other shareholders”.
“Today’s event underscores QatarEnergy’s commitment to deepening its relationships with key LNG consumers, while prioritising long-term strategic partnerships and alignment with world class partners from China, represented by Sinopec here today,” Al Kaabi mentioned in a QatarPower assertion.
Sinopec chairman Ma Yongsheng mentioned the stake buy would “enhance the security, stability and reliability of clean energy supply”.
READ MORE: France’s TotalEnergies invests billions extra in Qatar gasoline undertaking
World’s largest pure gasoline reserves
North Field incorporates the world’s largest pure gasoline reserves and extends underneath the Gulf into Iranian territory.
China is already the largest buyer for Qatar’s liquefied pure gasoline and one of many world’s high LNG importers.
China Petroleum and Chemical Corporation (Sinopec) signed a 27-year provide deal final 12 months that Qatar mentioned is the longest ever made within the pure gasoline business.
With the North Field East growth, Qatar has launched into a $28.75 billion undertaking that can see annual output develop from 77 million tonnes a 12 months to 110 million by 2027, in line with state-owned big QatarPower.
READ MORE: Qatar to provide LNG to China for 27 years underneath world’s ‘longest’ gasoline deal
Source: AFP
Source: www.trtworld.com
