Qatar News Agency said today, Wednesday, that the Chinese company Sinopec has acquired 5% of the share of Qatar Energy Company in the Northeast Field.
Sinopec did not immediately respond to a Reuters request for comment.
Qatar Energy has previously stated that it may give up a stake of up to 5% in the project to some buyers, whom Saad Al-Kaabi, CEO of the company, described as “value-adding partners”.
Last November, Sinopec concluded an agreement with Qatar Energy to supply four million tons of liquefied natural gas annually for a period of 27 years, which is the longest contract concluded by Qatar to supply LNG.
At the time, Sinopec said the deal was part of an “integrated partnership”, a sign that the Chinese company might consider taking a stake in the export facility in the North Field expansion project.
Last year, Qatar Energy Company concluded five agreements related to the Northeast Field, which is the first and largest phase in a two-phase expansion plan for the North Field that includes six LNG units, which will boost Qatar’s liquefaction capacity and raise it to 126 million tons per year by 2027 from 77 million. tons.
It also concluded three partnership agreements in the expansion of the North South Field.
Qatar Energy said it intends to keep a 75% stake in the North Field expansion, which will cost at least $30 billion, including the construction of export and gas liquefaction facilities.
The North Field is part of the world’s largest gas field shared by Qatar and Iran, which refers to its part of the field as South Pars.
