ALBAWABA - Qatar Energy has signed a partnership agreement with China's SINOPEC, allowing the China-based firm to acquire a 5-percent stake in a production line in the North Field East expansion project in Qatar.
The production line has an annual production capacity of 8 million tons, and the partnership agreement will not change the other partners' stakes.
The cost of the expansion project is more than $28 billion. It is expected to increase Qatar's annual production capacity of liquefied natural gas from 77 million tons to 110 million tons.
The CEO of Qatar Energy said that the agreement represents a tangible step towards enhancing the partnership between Qatar and China.
SINOPEC's CEO pointed out that the collaboration between the two countries will improve the energy consumption structure in China and enhance the reliability of clean energy supply.
