(ECNS) -- China's Sinopec has signed a 27 -year liquid nature gas (LNG) purchase and sales agreement with Qatar Energy on Monday. According to the agreement, Qatar Energy will supply 4 million tons of LNG to Sinopec each year.
Qatar Energy chief Saad Sherida Al-Kaabi said that the cooperation spans different fields and will last for as long as 27 years, which is of extraordinary significance, opening a new chapter of cooperation between both parties.
The agreement is an important part of the integrated cooperation between the two sides on the expansion project of the North Field, the largest natural gas field in the world jointly owned by Qatar and Iran, according to Sinopec.
Sinopec's Chairman Ma Yongsheng said that the deal will help meet the demand for natural gas in the Chinese market, and optimize China's energy consumption structure and improve the security, stability and reliability of its energy supply.
Ma added that China and Qatar are naturally complementary in the energy field, creating a good environment to deepen cooperation.
In recent years, China-Qatar bilateral trade has grown rapidly, with the trade volume exceeding $10 billion in 2013. According to statistics from Chinese customs, the bilateral trade volume of China and Qatar hit $10.95 billion in 2020.