OREANDA-NEWS China National Petroleum Corporation (CNPC) on Tuesday, June 20, will conclude a deal with Qatar's QatarEnergy for the supply of four million tons of liquefied natural gas (LNG) per year for 27 years. The Financial Times (FT) writes about this with reference to its sources.

The agreement will be the second major deal between Chinese companies and Russia's competitor in the global gas market. Before that, Sinopec signed a similar agreement with QatarEnergy in terms of terms and volumes. At that time, the Qatari company called the deal the longest agreement in the history of the LNG market.

The development of the Severnoye field allows Qatar to conclude agreements, thanks to which by 2025 LNG production will grow from the current 77 million tons per year to 110 million, and by 2027 to 126 million. At the same time, the country's leadership claims that gas supply agreements with the UK, France and Italy can be expected by the end of the year. Thus, Qatar's Energy Minister Saad al-Kaabi claims that he has no doubt about concluding at least several deals with Europe.