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Revealed by Theodore Reed-Martin,
Editorial Assistant
LNG Business,
QatarEnergy has introduced the signing of a partnership settlement with China Petrochemical Company (Sinopec) for the North Subject South (NFS) growth mission.
The 2 sides additionally signed a long-term gross sales and buy settlement (SPA) for the supply of three million tpy of LNG from the NFS mission to Sinopec’s receiving terminals in China over a span of 27 years.
The agreements have been signed in Shanghai at present by Saad Sherida Al-Kaabi, the Minister of State for Power Affairs, the President and CEO of QatarEnergy, and Dr. MA Yong-sheng, the Chairman of Sinopec, in a particular ceremony attended by senior executives from each firms.
Pursuant to the phrases of the partnership settlement, QatarEnergy will switch a 5% curiosity to Sinopec in a three way partnership firm that owns the equal of 6 million tpy of LNG manufacturing capability within the NFS mission.
At the moment’s partnership settlement is the second of its form with Sinopec, following the same one signed in Doha final April, which marked Sinopec’s entry as a shareholder in one of many North Subject East (NFE) three way partnership firms that personal the NFE mission, some of the crucial tasks within the world LNG business. The settlement is not going to have an effect on the taking part pursuits of any of the opposite shareholders.
The long-term LNG SPA follows one other SPA signed in November 2022 for the availability of 4 million tpy of LNG over 27 years, the longest LNG provide settlement within the historical past of the business.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/06112023/qatarenergy-and-sinopec-sign-lng-supply-agreement/
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