Many Asian countries in talks with QatarEnergy for equity stake in North Field expansion project: Al-Kaabi

Many Asian countries are in talks with QatarEnergy to take an equity stake in Qatar’s North Field expansion project, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi said Tuesday."There is a hot competition to associate with the prestigious North Field expansion project,” al-Kaabi told Gulf Times at a media event at the QatarEnergy headquarters.The North Field expansion, comprising North Field South (NFS) and North Field East (NFE), will increase Qatar’s LNG production capacity from the current 77 MTPY to 126 MTPY.Al-Kaabi said China is now Qatar's top buyer of liquefied natural gas."China is the largest consumer of LNG from Qatar by far...China is our number one customer. China is also the world's biggest buyer of liquefied natural gas."Al-Kaabi said, "Last year, Qatar sold 15mn tonnes of LNG to China. China is also a huge market for LPG, helium and condensates, of which Qatar is the world's top producer.”QatarEnergy Tuesday signed definitive agreements with China National Petroleum Corporation, covering the supply of 4mn tonnes of LNG annually for 27 years and a 5% stake for CNPC in the North Field East LNG expansion project (NFE).At a ceremony held at QatarEnergy headquarters Tuesday, the two parties signed an LNG sales and purchase agreement (SPA) for the delivery of 4mn tonnes of LNG per year from the NFE project to CNPC’s receiving terminals in China over a span of 27 years, marking the industry’s longest term SPA commitment.The two parties also signed a share sale and purchase agreement pursuant to which QatarEnergy will transfer to CNPC a 5% interest in the equivalent of one NFE train with a capacity of 8mn tonnes per year.This transfer will see CNPC become a partner in the NFE project and will not affect the participating interests of any of the other shareholders in the project.The agreements were signed by HE al-Kaabi, also the President and CEO of QatarEnergy; and Dai Houliang, chairman of CNPC, in the presence of senior executives from both the companies.In his remarks at the signing ceremony, al-Kaabi welcomed CNPC as a "valuable” partner in the NFE project.