PR88645

BEIJING, March 23, 2021 /PRNewswire=KYODO JBN/ --

China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") signed a

long-term purchase and sales agreement with Qatar Petroleum on March 22 via

online video conference to purchase 2 million tons of liquefied natural gas

("LNG") every year for a term of 10 years.

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Sinopec Signs Long-term LNG Deal of 2 Million Tons per Annum with Qatar

Petroleum.

Zhang Yuzhuo, Chairman of Sinopec, noted the long-term LNG contract with Qatar

Petroleum is a first in the company's history and of significant importance:

"We look forward to further cooperation with Qatar Petroleum in the future.

Sinopec has always advocated for the development of green and clean energy and

the long-term LNG supply agreement will not only meet the needs of the Chinese

market but will also demonstrate Sinopec's commitment to a low-carbon, green,

safe, responsible and sustainable development path," remarked Zhang. "We firmly

believe that it's the responsibility of the entire industry and every company

to reach peak carbon emissions and achieve carbon neutral, which is needed for

the industry's transformation and development."

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs of the State of

Qatar, the president and CEO of Qatar Petroleum, expressed that signing the

first long-term LNG contract with Sinopec has further consolidated the sound

bilateral relations between the two countries, as well as the beginning of

establishing a long-term, fruitful cooperative relationship between Qatar

Petroleum and Sinopec.

China and Qatar's cooperation in the energy sector started in 2009, and this

cooperation will further enhance Qatar's ability to supply the Chinese market

to meet growing demand as well as highlighting Qatar Petroleum's leading

position in the industry.

China is a key and strategic energy partner for the State of Qatar throughout

the entire energy value chain having supplied 62 million tons of LNG to China

since 2009. With the government introducing a series of environmental

protection measures, China's LNG market will maintain steady growth in the

future, bringing broad prospects for cooperation between both parties.

Qatar Petroleum is the national oil corporation of Qatar, established in

November 1974. It is responsible for the development of the oil and gas

industry in the State of Qatar and its main businesses include oil and gas

exploration and development.

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About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in

China. Its principal operations include the exploration and production,

pipeline transportation and sale of petroleum and natural gas; the sale,

storage and transportation of petroleum products, petrochemical products, coal

chemical products, synthetic fiber, fertilizer and other chemical products; the

import and export, including an import and export agency business, of

petroleum, natural gas, petroleum products, petrochemical and chemical

products, and other commodities and technologies; and research, development and

application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people,

responsibility, integrity, precision, innovation and win-win' as its corporate

core values, pursues strategies of value-orientation, innovation-driven

development, integrated resource allocation, open cooperation, and green and

low-carbon growth, and strives to achieve its corporate vision of building a

world leading energy and chemical company.

For more information, please visit http://www.sinopec.com/  

SOURCE  Sinopec Group

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Petroleum.