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Qatar Petroleum to supply an additional 1 mln tonnes of LNG to China after signing a 10-year contract with Shell

China’s LNG demand continues to grow larger, leaving global suppliers, such as Qatar, with an opportunity to benefit from this growing demand

Qatar Petroleum to supply an additional 1 mln tonnes of LNG to China after signing a 10-year contract with Shell

Doha, July 1 – Neftegaz.RU.State-owned Qatar Petroleum has signed a 10-year agreement with Shell to supply LNG to China.
Under the sale and purchase agreement, the company will supply 1 million tons per annum (MTPA) of LNG to various LNG terminals in China.

Qatar Petroleum plans to supply the LNG volumes contracted under this agreement from its Qatargas 1 venture, which will become 100% owned by Qatar Petroleum as of January 1st 2022.

Saad Sherida Al-Kaabi, CEO of Qatar Petroleum, said:
  • We are pleased to enter into this new LNG SPA with our trusted partner, Shell
  • I am especially delighted that this agreement will meet part of the demand of Shell’s end customers in China, thereby further supplementing Qatar’s contribution to meeting China's growing energy needs
  • I would also like to thank the CEO of Qatargas, and his team for their valuable contributions to reinforce Qatar’s position in the LNG market, and meet the needs of our customers
LNG deliveries will start in January 2022 to various LNG terminals in China, which is set to become the world’s largest LNG importer in 2021.

Qatar Petroleum keeps piling up long-term deals as it works on its expansion projects and this marks the 4th deal the firm announced since February this year following:
  • the Vitol deal for Bangladesh
  • the Pakistan agreement
  • also the Sinopec deal
The new LNG supply contract comes months after QP announced a final investment decision on its $28.75 billion North Field East project.

Author: Elena Alifirova

Source : Neftegaz.RU


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