QatarEnergy announced a 27-year natural gas supply deal with China, calling it the “longest” ever seen as it strengthened ties with Asia while Europe scrambles for alternative sources. The state energy company will send four million tonnes of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation (Sinopec).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Asian countries led by China, Japan and South Korea are the main market for Qatar’s gas, which is increasingly being sought by European countries since Russia’s invasion of Ukraine. Negotiations with European countries have struggled as Germany and others baulked at signing the type of long-term deals made with Asian nations. North Field is at the centre of Qatar’s expansion of its liquefied natural gas production by more than 60 percent to 126 million tonnes a year by 2027.
China is the first country to seal a deal for North Field East. The Chinese company’s chairman revealed it had also requested a full share of the North Field South project that is dominated by Western energy giants.
Important takeaways for all competitive exams:
- Qatar Capital: Doha;
- Qatar Currency: Qatari Riyal;
- Prime Minister of Qatar: Sheikh Khalid bin Khalifa bin Abdelaziz Al Thani.
Find More International News Here