LNG storage tanks at PetroChina's receiving terminal in Dalian, China. Reuters
LNG storage tanks at PetroChina's receiving terminal in Dalian, China. Reuters
LNG storage tanks at PetroChina's receiving terminal in Dalian, China. Reuters
LNG storage tanks at PetroChina's receiving terminal in Dalian, China. Reuters

QatarEnergy signs agreement with China’s Sinopec for North Field expansion project


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QatarEnergy has signed a partnership agreement with China Petrochemical Corporation (Sinopec) for the North Field South expansion project.

The companies also signed a long-term sales and purchase agreement for the delivery of 3 million tonnes per annum of liquefied natural gas from the NFS project to Sinopec’s China terminals for 27 years, Qatar’s state-owned energy company said on Saturday.

Under the terms of the agreement, QatarEnergy will transfer a 5 per cent stake to Sinopec in a joint venture company that owns the equivalent of 6 mtpa of LNG production capacity in the NFS project.

The agreements were signed in Shanghai by Qatar's energy minister and chief executive of QatarEnergy Saad Al Kaabi and Ma Yong-sheng, the Chairman of Sinopec. Photo: Qatar Energy
The agreements were signed in Shanghai by Qatar's energy minister and chief executive of QatarEnergy Saad Al Kaabi and Ma Yong-sheng, the Chairman of Sinopec. Photo: Qatar Energy

NFS is the second expansion phase of the North Field gasfield, one of the largest non-associated natural gasfields in the world.

The North Field Expansion development plan includes six LNG trains, which will help to ramp up Qatar’s liquefaction capacity to 126 mtpa by 2027, from 77 mtpa currently.

In June, QatarEnergy also entered into a 27-year agreement with China National Petroleum Corporation for the delivery of four million tonnes of LNG a year.

“These historic milestones are a testament to the excellent bilateral relations between the People’s Republic of China and the State of Qatar as well as between Sinopec and QatarEnergy,” the Doha-based company said.

Global LNG trade hit a high of $450 billion in 2022 as Europe scrambled to secure supplies to replace Russian gas, according to the International Energy Agency.

Despite a rise in demand, LNG supply grew by only 5.5 per cent last year, mostly due to maintenance at large export terminals. Freeport LNG’s Texas-based plant – one of the world’s largest export centres of the fuel – was shut down after a fire in June 2022.

After becoming the world’s largest LNG importer in 2021, China’s imports of the fuel fell by 20 per cent last year amid lower demand and high spot prices.

The IEA expects global natural gas demand to slow in the coming years amid declining consumption in mature markets due to an “accelerated” roll-out of renewables and improved energy efficiency.

Demand is projected to grow by 1.6 per cent a year between 2022 and 2026, down from an average of 2.5 per cent a year between 2017 and 2021, the Paris-based agency said in its Gas 2023 Medium-Term Market Report last month.

China, the world’s second-largest economy, is set to account for about half of the total growth in demand until 2026 as the country uses the fuel for industrial production and power generation.

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
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The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

The specs

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Power: 261hp at 5,500rpm

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The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

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How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
FINAL RESULT

Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross

UAE currency: the story behind the money in your pockets
While you're here
Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett

British & Irish Lions 15
Penalties: Farrell (4), Daly

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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

UAE currency: the story behind the money in your pockets
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Updated: November 05, 2023, 7:45 AM`