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Qatar announced on Monday 21 November a historic liquefied natural gas supply agreement with China, covering 27 years, i.e. the ” longer duration never seen in the industry. Demand for liquefied natural gas has skyrocketed since Russia invaded Ukraine.
If nothing has filtered on the amount of the contract, we do know the volume that will be exported: according to this agreement, China will import 4 million tonnes of liquefied natural gas (LNG) per year to the public company Qatar Energy. The gas will come from the North Field offshore field, the largest gas field in the worldwhich the rich gas emirate shares with Iran.
The agreement covers ” longest duration in the history of the LNG industry Said Saad Sherida Al-Kaabi, Qatari Minister of Energy and also Managing Director of Qatar Energy, during a press conference.
While China, Japan and South Korea are the main customers of Qatari gas, the emirate is increasingly courted by European countries, which are seeking alternatives to Russian gas. Of the negotiations are underwaybut they are difficult because Europeans are reluctant to commit to long-term contracts.
The energy crisis situation, caused by the war in Ukraine, boosted the demand for LNG in the world and benefits Qatar. One of the world’s largest LNG exporters – along with the United States and Australia – the country wants to increase its production by more than 60% by 2027.
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