QatarEnergy, ConocoPhillips tie up for LNG expansion project | Reuters
QatarEnergy [RIC:RIC:QATPE.UL] on Monday signed a deal with ConocoPhillips (COP.N) for the Gulf state's North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies and Eni (ENI.MI).
Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar's position as the world's top LNG exporter. read more
The companies will form a joint venture that will take a 12.5% stake in North Field East and ConocoPhillips will have a 25% stake in that joint venture.
The arrangement is similar to that announced with Eni on Sunday and implies a 3.12% stake in the overall North Field East project for ConocoPhillips.
QatarEnergy CEO Saad al-Kaabi said the partnerships with international companies would be for a period of 27 years.
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