Qatar Petroleum, Qatar's state-owned oil and gas company, has inked an agreement with China Petroleum & Chemical Corporation (Sinopec) to supply China with 2 million tons of liquefied natural gas (LNG) annually.
Report informs referring Qatar Petroleum, that the agreement was concluded for a period of ten years.
According to the agreement, LNG supplies will begin in January 2022 and will be delivered to the Sinopec LNG terminals in China. The agreement also demonstrates Qatar's continued commitment to meeting the growing demand for energy among its customers around the world and providing them with reliable long-term LNG supply, the company said.
The company says that since the first LNG shipment to China in September 2009, Qatar has delivered more than 62 million tons of LNG to the country. China is Qatar's key and strategic energy partner, and a key driving force for the global LNG market as the PRC government adopts increasingly progressive environmental policies.
Qatar Petroleum controls all of Qatar's oil sector, including exploration, production, refining, transportation, and storage. Qatar is the world's leading LNG producer. In 2017, the Gulf country lifted a moratorium imposed in 2005 on the development of the Northern gas field, located northeast of its coast. It is part of the large South Pars field, the other half of which is being developed by Iran.