QatarEnergy has introduced the signing of a partnership settlement with China Petrochemical Company (Sinopec) for the North Discipline South (NFS) growth challenge.
The 2 sides additionally signed a long-term gross sales and buy settlement (SPA) for the supply of three million tpy of LNG from the NFS challenge to Sinopec’s receiving terminals in China over a span of 27 years.
The agreements have been signed in Shanghai at this time by Saad Sherida Al-Kaabi, the Minister of State for Vitality Affairs, the President and CEO of QatarEnergy, and Dr. MA Yong-sheng, the Chairman of Sinopec, in a particular ceremony attended by senior executives from each corporations.
Pursuant to the phrases of the partnership settlement, QatarEnergy will switch a 5% curiosity to Sinopec in a three way partnership firm that owns the equal of 6 million tpy of LNG manufacturing capability within the NFS challenge.
As we speak’s partnership settlement is the second of its type with Sinopec, following an analogous one signed in Doha final April, which marked Sinopec’s entry as a shareholder in one of many North Discipline East (NFE) three way partnership corporations that personal the NFE challenge, one of the crucial tasks within the world LNG business. The settlement won’t have an effect on the taking part pursuits of any of the opposite shareholders.
The long-term LNG SPA follows one other SPA signed in November 2022 for the provision of 4 million tpy of LNG over 27 years, the longest LNG provide settlement within the historical past of the business.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/06112023/qatarenergy-and-sinopec-sign-lng-supply-agreement/