QatarEnergy signs 27-year LNG deal with China

QatarEnergy has signed a 27-year deal to supply China's Sinopec with liquefied natural gas (LNG) for the supply of 4 million tons per annum. The agreement, which value was estimated at more than $60 billion, is the longest such LNG agreement so far.

“It opens a new and exciting chapter in our relationship with Sinopec, one that is very special and spans a number of different areas, and which we are excited about further growing and expanding into the 2050s,” QatarEnergy chief Saad al-Kaabi said in a statement.

The agreement aims to increase the security of the Chinese economy as competition for LNG intensifies. The global liquefied gas market is almost exhausted in terms of supply, and long-term LNG contracts that start before 2026 are sold out, according to Bloomberg.