Beijing June 17 2022: China’s energy majors are in discussions to invest in Qatar’s massive liquefied natural gas expansion, Reuters reported on Friday.
State-owned China National Petroleum Corp. and Sinopec are expected to invest a 5% stake each in two separate export trains, part of Qatar’s North Field expansion project, Reuters said, citing three people with knowledge of the discussions. China would buy the fuel under long-term contracts, the people told Reuters.
This comes after TotalEnergies SE became the first foreign company to win a stake in Qatar’s expansion. Exxon Mobil Corp. and ConocoPhillips are also poised to win stakes, Bloomberg reported earlier this month, while Shell Plc put in a bid.
The North Field East expansion will cost almost $29 billion and include the construction of four LNG liquefaction units, or trains.