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China’s Sinopec acquires stake in Qatar gas project

Chinese energy firms are increasingly cooperating with their Qatari and Saudi counterparts as the People’s Republic makes further inroads into the region.

The Chinese oil giant Sinopec acquired a stake in a field owned by Qatar’s state-owned energy firm on Wednesday as Beijing increases its influence in the region.

The official Qatar News Agency reported that QatarEnergy will transfer a 5% stake in its North Field East. The stake has a capacity of eight million tons per year, according to the agency.

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