Amid global uproar, the Gulf nation of Qatar on Monday signed the world’s longest natural gas (LNG) supply deal with China. The agreement between the two countries has been made for 27 years from 2026. Under the deal, Qatar Energy will ship 4 million tons of gas annually from its new North Field East project to China Petroleum and Chemical Corporation (Sinopec).
The deal is worth $60 billion. Qatar Energy Minister and Qatar Energy Chief Executive Saad Sherida Al Gabi said the contract is believed to be the longest gas supply contract in the history of the LAG industry.
Gabi said in Doha that the North Pole East Project has achieved a record today. This agreement is important for both buyer and seller.
“We are very happy with this agreement with Sinopec,” said Gabi. We have had long-term relationships in the past. This new agreement is expected to take our relations to new heights.
Gabi also said talks are underway with other buyers in China and Europe. Due to global volatility, buyers understand the importance of long-term supply, he said. Please tell me that Qatar is the world’s leading exporter of LNG.
LNG competition has heated up since Russia’s invasion of Ukraine
The head of the Chinese company says it has demanded Qatar’s full contribution to the North Field South project. Explain that the North Field is part of the world’s largest gas field, which Qatar shares with Iran.
The news comes at a time when demand for LNG has increased significantly following Russia’s attack on Ukraine. After Russia’s attack on Ukraine, competition for Alanchi has increased. Europe, in particular, is working to reduce Russia’s dependence on gas.
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