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Sinopec Agree to Buy Stake in Qatar LNG Project

LNG

Sinopec has agreed to buy a stake in the Qatar North Field East LNG project according to Qatar Energy Chief Executive Officer Saad Al-Kaabi on Wednesday.

  • Sinopec will join ConocoPhillips, Shell, TotalEnergies, Exxon Mobil and Eni by taking a 5% stake in a train with a processing capacity of 8mtpa.
  • The North Field LNG project is expected to increase export capacity to 110mtpa from 77mtpa. The facility is scheduled to send out its first shipment in 2026.
  • Cooperation with QatarEnergy will help “optimize China’s energy consumption structure and enhance the security, stability and reliability of clean energy supply,” said Sinopec Chairman Ma Yongshen.
  • Global competition for LNG supplies is driving interest in long term LNG contracts with Asia more willing than Europe to lock in the fuel supplies on multi year contracts.

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