Qatar, through its company QatarEnergy, announced a major agreement with the Taiwanese company CPC for the supply of LNG over a period of 27 years. This agreement, signed in Doha, provides for the delivery of 4 million tonnes of LNG per year, although financial details have not been disclosed.
A strengthened strategic partnership
Qatari Minister of Energy and CEO of QatarEnergy, Saad al-Kaabi, expressed his enthusiasm over the agreement, emphasizing the importance of strengthening relations with CPC.
“We look forward to further strengthening our relationship with CPC and demonstrating our unwavering commitment to our customers and partners around the world,” he said.
Qatar’s role in the global LNG market
As one of the world’s largest LNG producers, alongside the United States and Australia, Qatar plays a crucial role in the global energy market. Asian countries, such as China, Japan and South Korea, are among its main customers. However, since the invasion of Ukraine, Qatar has also attracted interest from European countries looking for alternatives to Russian gas.
CPC stake in North Field East
The agreement signed with CPC also includes the latter’s participation in the North Field East project in Qatar. This project is part of a larger expansion of the North Field offshore field, the world’s largest natural gas deposit. Shun-Chin, president of CPC, said his company’s participation would strengthen cooperative relations between the two countries.
Ambitious goals for Qatar
Last February, Qatar announced plans to increase its LNG production capacity to 142 million tonnes per year by 2030, through the North Field West expansion project. The country has signed several long-term LNG supply agreements in recent months, with companies including TotalEnergies, Shell, Petronet, Sinopec and Eni. These agreements demonstrate Qatar’s strategy to consolidate its position in the global energy market. The 27-year contract signed with Sinopec in 2022, presented as the longest in the industry, is a notable example.
With these new collaborations and expansions, Qatar is positioning itself not only as a key supplier for its Asian partners, but also as a viable alternative for European markets seeking energy diversification.
