QP, Sinopec Signs a 10-Year LNG SPA

QP, Sinopec Signs a 10-Year LNG SPA

Qatar Petroleum (QP) signed a 10-year Sale and Purchase Agreement (SPA) for liquified natural gas (LNG) with China Petroleum and Chemical Corporation (Sinopec) for the supply of 2 million tons of LNG per year (mmt/y)  to China, according to a statement published on QP website.

 The SPA was signed by Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, and President and CEO of QP  and Zhang Yuzhuo, Chairman of Sinopec Group.

Per the agreement, QP will begin its LNG deliveries in January 2022 to be received in Sinopec’s LNG terminals in China. The agreement also sheds the light on Qatar’s commitment to meet the growing energy demand of its customers globally in the form of reliable long-term LNG supplies.

Commenting on the agreement, Qatar’s Minister stated” This SPA also illustrates our position in the market as a reliable and trust-worthy LNG supplier, and we are grateful to all our customers around the world who select us as their LNG supplier of choice.”

For his part, Yuzhuo noted that this SPA is part of Sinopec’s strategy to meet China’s growing energy needs; ”We are proud to team up with Qatar Petroleum, one of the premier suppliers in the industry, to supply cleaner energy to China. We are also excited to begin a new journey of more comprehensive cooperation with Qatar Petroleum in the years to come.”

It is worth mentioning that Qatar has supplied China with more than 62 mmt of LNG since September 2009 .


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