Qatar to become largest LNG supplier to China

Qatar is set to become the largest supplier of liquefied natural gas to the huge Chinese market, according to Fu Cheng Yu, Chairman of the Board of Directors of China National Offshore Oil Company (CNOOC).

“China will soon become the largest LNG market in the world. That is why as the world’s largest LNG supplier, Qatar should have its market share in China matching its supply capacity,” Fu Cheng Yu told reporters here on Monday evening.

He was speaking at the signing ceremony of a 25-year Exploration and Production Sharing Agreement (EPSA) for Qatar offshore Block ‘BC’ (Pre-Khuff) between Qatar Petroleum (QP) and CNOOC Middle East (Qatar) Ltd, a subsidiary of CNOOC. “Together with QP and Qatargas, we are confident that Qatar will have the largest market share of LNG in China compared to any other supplier around the world. If we both work together properly, I have full confidence that for the next 5 to 10 years you will see Qatar’s largest LNG market will be China,” said Fu Cheng Yu. CNOOC alone would need to import from 40 million tonnes to some 60 million tonnes of LNG by 2020, according to company estimates, he said.