Qatar Petroleum will supply China Petroleum & Chemical Corporation (Sinopec) with two million tonnes of LNG every year for a ten-year term.
The news is a result of a new long-term purchase and sales agreement which the company’s signed via an online video conference on Monday (22nd March).
At the signing, Zhang Yuzhuo, Chairman of Sinopec, noted the long-term LNG contract with Qatar Petroleum as a first in the company’s history and of significant importance.
Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, said the contract has further consolidated the sound bilateral relations between Qatar and China.
China and Qatar’s cooperation in the energy sector started in 2009, and this cooperation will further enhance Qatar’s ability to supply the Chinese market to meet growing demand.
For Qatar, China stands as a key and strategic energy partner. Throughout the entire energy value chain Qatar has supplied 62 million tons of LNG to China since 2009.
Commenting on the collaboration, Zhang, added, “We look forward to further cooperation with Qatar Petroleum in the future. Sinopec has always advocated for the development of green and clean energy and the long-term LNG supply agreement will not only meet the needs of the Chinese market but will also demonstrate Sinopec’s commitment to a low-carbon, green, safe, responsible and sustainable development path.”
“We firmly believe that it’s the responsibility of the entire industry and every company to reach peak carbon emissions and achieve carbon neutral, which is needed for the industry’s transformation and development.”