China National Petroleum Corp (CNPC) is close to finalising a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle Eastern exporter's massive North Field expansion project, three people with knowledge of the matter said.
"This is a good move for CNPC, securing additional long term supply from a reliable and well positioned partner. This will further insulate from market volatility, diversify supply while optimising between the state owned units," said Toby Copson, global head of trading at Trident LNG.
Sinopec and CNPC would not opt for such long-duration supply contracts unless they were also hoping to acquire small stakes in the North Field expansion export facility, a second Beijing-based state gas official said. Kaabi has said the state energy company is negotiating supply deals with many potential buyers and they would be announced when agreements are reached.
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