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.
Background: QatarEnergy, formerly Qatar Petroleum, is majority owned by the government of Qatar. Part of the company is also listed on the Qatar Stock Exchange. In 2018, QatarEnergy announced that foreign investors could hold up to 49% of the shares of QatarEnergy subsidiaries that are listed on the exchange.
QatarEnergy’s North Field East Ras Laffan on Qatar’s Gulf coast is a liquified natural gas (LNG) field.
