QatarEnergy has announced the signing of a definitive partnership agreement with China Petrochemical Corp (Sinopec) for the North Field East (NFE) expansion project, the largest project in the history of the LNG industry.
Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion, which will raise Qatar’s LNG export capacity from the current 77 mtpa to 110 mtpa and boost Qatar’s position as the world’s top LNG exporter.
Under the agreement, QatarEnergy will transfer to Sinopec a 5% interest in the equivalent of one NFE train with a capacity of 8 mtpa.
Dr. Ma Yongsheng, the Chairman of Sinopec said that China-Qatar energy cooperation features a “natural complementarity.”
“QatarEnergy is a leading LNG producer in the world and one of the most important partners of Sinopec. The cooperation with QatarEnergy will help Sinopec further optimize China’s energy consumption structure and enhance the security, stability, and reliability of clean energy supply,” Dr Ma said.
Last year, QatarEnergy signed deals with Exxon Mobil Corp, TotalEnergies, Eni and ConocoPhillips for the Gulf state’s North Field East expansion. In all, the North Field Expansion plan includes six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 mtpa to 126 mtpa by 2027. The fifth and sixth trains are part of a second phase, North Field South.
