QatarEnergy inks partnership agreement with Sinopec for North Field expansion scheme
Date
11/6/2023 8:13:05 AM
(MENAFN) QatarEnergy has entered into a partnership agreement with China Petrochemical Corporation (Sinopec) for the North Field South expansion project.
Additionally, the two companies have signed a long-term sales and purchase agreement for the supply of 3 million tonnes of liquefied natural gas (LNG) annually from the NFS project to Sinopec's terminals in China over a period of 27 years, as announced by Qatar's state-owned energy company.
As part of the deal, QatarEnergy will transfer a 5 percent stake to Sinopec in a joint venture company that holds the equivalent of 6 million tonnes per annum of LNG production capacity in the NFS project.
The North Field South (NFS) project represents the second phase of expansion for the North Field gasfield, which is one of the world's largest non-associated natural gasfields.
The North Field Expansion plan encompasses the development of six LNG trains, aiming to increase Qatar's liquefaction capacity from the current 77 million tonnes per annum to 126 million tonnes per annum by 2027.
Earlier in June, QatarEnergy also established a 27-year agreement with the China National Petroleum Corporation for the supply of four million tonnes of LNG annually.
“These historic milestones are a testament to the excellent bilateral relations between the People’s Republic of China and the State of Qatar as well as between Sinopec and QatarEnergy,” the Doha-based firm stated.
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