China’s CNPC, Sinopec in Talks With #Qatar for Gas Field Stakes, Reuters Says - Bloomberg

China’s CNPC, Sinopec in Talks With Qatar for Gas Field Stakes, Reuters Says - Bloomberg

China’s energy majors are in discussions to invest billions in Qatar’s massive liquefied natural gas expansion project, according to a person familiar with the situation.

State-owned China National Petroleum Corp. and Sinopec are expected to invest in Qatar’s $29 billion North Field East project, said the person, who asked not to be identified discussing a private matter. The companies are looking to procure LNG under long-term contracts, two people familiar with the matter said. Reuters earlier reported the news.

Spokespeople for CNPC and Sinopec weren’t immediately available to comment. State-energy producer Qatar Energy didn’t respond to a request for comment outside of normal business hours.

LNG importers are rushing to secure supply deals as a global shortage is expected to persist for much of the decade amid Europe’s moves to curb Russian pipeline gas. Spot prices for gas in Asia and Europe surged to a record soon after Russia invaded Ukraine, exacerbating a supply crunch for the power plant and heating fuel.