Business | Oil & Gas
Three firms sign Qatar-China deal
Qatargas, Shell and PetroChina yesterday signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from Qatar to the rapidly growing Chinese market.
- Staff Report
- Published: 00:08 April 14, 2008
Dubai: Qatargas, Shell and PetroChina yesterday signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from Qatar to the rapidly growing Chinese market.
The agreements were signed in Beijing by Abdullah bin Hamad Al Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar; Jiang Jiemin, President of China National Petroleum Corporation and Chairman of PetroChina Company Ltd, and Linda Cook, executive director of Shell.
The LNG will be provided from the Qatargas 4 project in Qatar and shipped to PetroChina's LNG receiving terminals upon the start-up of commercial operations of these facilities. The agreements are for three million tonnes per annum of LNG for 25 years.
Qatar is set to expand production to 77 million tonnes per annum by 2010.
Chinese firms have previously signed long-term LNG supply agreements with projects in Australia, Indonesia and Malaysia.
Al Attiyah said: "I see China as an important customer for Qatar in the future. I am proud that under the wise guidance of His Highness The Emir, Qatar will be able to supply cleaner energy to contribute to the Chinese success story and China will be able to contribute to Qatari success as a customer for our natural resources."
Jiang Jiemin said: "These agreements with Qatar, a world-leading LNG producer, add diversity to China's energy supply. The cleaner energy from LNG will contribute to fuelling China's fast and sustainable econ-omic development. We look forward to a long and mutually-beneficial partnership with the Qataris."
Cook said: "These agreements underline the partnerships that Shell is building with both suppliers and consumers to help meet the global energy challenge. Qatar is the giant of the LNG sector and China is emerging as a very significant gas market."
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