Sinopec strikes $40.3 billion purchase deals at CIIE, including 27
This photo taken on Nov. 2, 2023 shows the exterior view of the National Exhibition and Convention Center (Shanghai), the venue for the upcoming sixth China International Import Expo (CIIE), in Shanghai, east China. The sixth CIIE is scheduled to take place in Shanghai from Nov. 5 to 10. The preparation work at the National Exhibition and Convention Center (Shanghai) has entered the final stage.(Photo: Xinhua)
China's energy major Sinopec struck a series of purchase agreements worth $40.3 billion at the sixth China International Import Expo (CIIE) in Shanghai on Saturday. Among the deals, Sinopec inked a 27-year liquefied natural gas (LNG) purchase deal with QatarEnergy, the company said.
At a centralized signing ceremony, Sinopec reached deals with 38 partners from 16 countries and regions, encompassing 11 major categories and 29 product types including crude oil, chemicals, equipment, materials, and agricultural products, the company said in a statement it published on its official WeChat account.
Since the inaugural CIIE in 2018, Sinopec has accumulated business contracts valued at over $244 billion, it said.
Under the agreement, QatarEnergy will supply 3 million tons of LNG to Sinopec annually from the North Field South (NFS) expansion project, and QatarEnergy will also transfer a 5 percent interest to Sinopec in a joint venture company, according to Xinhua News Agency.
Qatar is among the world's top exporters of LNG, and its NFS expansion project phase 2 will include the construction of two new LNG production lines with an annual production capacity of 16 million tons.
Sinopec and QatarEnergy have long shared a strong foundation of cooperation, the company said. This marked the third long-term LNG purchase agreement between the two companies.
Also, Sinopec signed procurement agreements with other partnering companies such as Kuwait National Petroleum Company, Canadian methanol supplier Methanex Corporation, and Petroliam Nasional Berhad (Petronas) at the CIIE on Saturday, according to Sinopec.
The sixth CIIE officially kicked off on Sunday in Shanghai. It is the world's first import-themed national-level exposition and about $350 billion worth of tentative deals were signed during the previous five fairs.