Partnership Movement from China to Qatar

China’s state-owned oil and gas company Sinopec will buy a 5 percent stake in Qatar’s landmark North Field East (NFE) gas field expansion project.

The news about the transfer of shares took place in Qatar’s state news agency QNA.

QatarEnergy had previously announced that some buyers, whom CEO Saad al-Kaabi described as “value-added partners”, could receive a 5 percent stake in the project.

QatarEnergy and Sinopec signed a 27-year agreement for the supply of liquefied natural gas (LNG) in November last year, making it the longest-term LNG agreement in Qatar’s history.

CAPACITY IS EXPECTED TO REACH 126 MILLION TONS

Sinopec said the deal signed in November was done as part of the “partnership agreement,” saying it could take a stake in the liquefaction plant under the North Field East expansion project.

QatarEnergy signed five deals last year as part of the expansion of the North Field project.

The North Field East project, the first and main part of the two-stage development plan, aims to increase Qatar’s gas liquefaction capacity from 77 million tons to 126 million tons per year by 2027, with six facilities to liquefy natural gas extracted from the field. .

AT LEAST 30 BILLION DOLLARS

For the second part of the plan, called North Field South (NFS), an agreement was signed with three independent partners.

QatarEnergy announced that it plans to own 75% of the project, which is expected to cost at least $30 billion with the construction of natural gas liquefaction facilities.

The North Field project is part of the world’s largest gas field shared by Qatar and Iran. Iran named its part of the project South Pars. (Reuters)