China’s Sinopec has secured one of the biggest-ever liquefied natural gas deals, signing a 27-year agreement to purchase 4 million tonnes a year of the fuel from QatarEnergy, reports the Financial Times. The agreement announced on Monday by the state-owned groups comes as Europe races to secure alternative supplies of natural gas in the wake of Russia’s invasion of Ukraine.
The deal “marks the longest gas supply agreement in the history of the LNG industry,” said Saad Sherida al-Kaabi, QatarEnergy’s chief executive and the Gulf state’s energy minister.
He added that it would “further solidify the excellent bilateral relations between the People’s Republic of China and the State of Qatar and help meet China’s growing energy needs.”