China invests in Qatar LNG plant in energy security push

China invests in Qatar LNG plant in energy security push

Doha: Sinopec has bought into a liquefied natural gas project in Qatar in a bid to bolster the energy security of China, the world’s second-largest buyer of the fuel. At a signing ceremony in Doha, Sinopec “- officially known as China Petroleum & Chemical Corp. “- agreed to take a 5 per cent stake in a train with a processing capacity of 8 million tons a year. It’s part of the North Field East LNG export project that’s under construction and is expected to begin shipping gas in 2026. Cooperation with QatarEnergy will help “optimize China’s energy consumption structure and enhance the security, stability and reliability of clean energy supply,” Sinopec Chairman Ma Yongshen said at the event on Wednesday. The investment marks the first time China has directly backed an LNG plant in Qatar, one of the world’s top exporters. It’s also the latest in a flurry of deals to lock-in gas supply for decades amid intensifying global competition for the fuel, particularly between Europe and Asia. Japan is currently the world’s primary buyer of LNG. In November, state-owned Sinopec signed a $60 billion contract to buy 4 million tons of LNG a year. The deal will last for