SNPMF - Sinopec buys 1.25% stake in Qatar's North Field East LNG expansion project

2023-04-13 05:53:46 ET

• China Petroleum & Chemical ( OTCPK:SNPMF ) signed an equity participation agreement with QatarEnergy on April 12 to take 1.25% shares in Qatar's North Field East expansion project.
• The project is currently the largest Liquefied Natural Gas project in the world.
• The event marks another milestone after Sinopec and QatarEnergy inked a 27-year long-term LNG purchase and sales agreement in November 2022 for the annual supply of 4M tons of LNG to Sinopec and achieves integrated cooperation on the NFE expansion project.
• With a total investment of $28.75B, the NFE project is projected to increase Qatar's annual LNG export volume from 77M tons to 110M tons.

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