QatarEnergy, Sinopec sign ‘historic’ North Field South partnership and 27-year LNG supply agreement

QatarEnergy, Sinopec sign ‘historic’ North Field South partnership and 27-year LNG supply agreement

The agreements were signed in Shanghai Saturday by HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Dr MA Yong-sheng, Chairman of Sinopec, at a ceremony attended by senior executives from both companies.

Long-term sales and purchase agreement is for delivery of 3mn tpy of LNG from the NFS project to Sinopec’s receiving terminals in China.

QatarEnergy has announced the signing of a partnership agreement with China Petrochemical Corporation (Sinopec) for the North Field South (NFS) expansion project.

The two sides also signed a long-term sales and purchase agreement (SPA) for the delivery of 3mn tonnes per year (MTPY) of LNG from the NFS project to Sinopec’s receiving terminals in China over a span of 27 years.

The agreements were signed in Shanghai Saturday by HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Dr MA Yong-sheng, Chairman of Sinopec, at a ceremony attended by senior executives from both companies.

Pursuant to the terms of the partnership agreement, QatarEnergy will transfer a 5% interest to Sinopec in a joint venture company that owns the equivalent of 6 MTPY of LNG production capacity in