Sinopec signs up for stake in mega Qatari LNG project

Sinopec signs up for stake in mega Qatari LNG project

QatarEnergy (QE) has struck a deal to transfer a 5% stake in its $28.75 billion North Field East (NFE) expansion to China’s state-owned Sinopec.

The Qatari company said it would hand over a 5% stake in the equivalent of one of the NFE trains, with 8 million tonnes per year of capacity.

Saad Sherida Al-Kaabi, president and CEO of QE, said China was a “major driver of the global energy markets”. The country is a “key market for Qatari energy products. Today’s event underscores QatarEnergy’s commitment to deepening its relationships with key LNG consumers, while prioritizing long-term strategic partnerships and alignment with world class partners from China, represented by Sinopec here today.”