Qatar today announced the signing of an agreement for the purchase and sale of four million tons per year of liquefied natural gas (LNG) with China for a period of 27 years, state news agency QNA reported.
“The oil and gas company, Qatar Energy, has signed a purchase and sale agreement with China Petroleum and Chemical Corporation (Sinopec) to supply four million tons of liquefied natural gas per year,” said Energy Affairs Minister Saad Al Kaabi, at a press conference cited by the agency.
This is considered the longest contract in the history of the liquefied gas industry, said the minister, indicating that “the agreement opens a new chapter in the relationship with Sinopec Corporation”.
The agreement will take effect in 2026, but by March 2021 Qatar Energy had already reached a similar agreement with Sinopec to supply two million tons of LNG per year to China for a period of 10 years, which at the time was the longest contract. Qatar is one of the countries with the largest natural gas reserves in the world.
