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Qatar Petroleum with Shell to supply China of LNG for ten years

July 05/2021

MOSCOW (MRC) -- Qatar Petroleum entered into a long-term Sale and Purchase Agreement (SPA) with Shell for the supply of 1 million tons per year of LNG to the People's Republic of China for ten years, said Hydrocarbonprocessing.

LNG deliveries will commence in January 2022 to various LNG terminals in China. Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said, We are pleased to enter into this new LNG SPA with our trusted partner, Shell. I am especially delighted that this agreement will meet part of the demand of Shells end customers in China, thereby further supplementing Qatars contribution to meeting China's growing energy needs."

H.E. Minister Al-Kaabi concluded his remarks by saying, This SPA further highlights our ability to meet the requirements of our customers and partners across the world. I would like to take this opportunity to thank the management and staff of Shell for the successful conclusion of this SPA, which is another testament to our long and fruitful partnership. I would also like to thank Sheikh Khalid Khalifa Al Thani, the CEO of Qatargas, and his team for their valuable contributions to reinforce Qatars position in the LNG market, and meet the needs of our customers."

Qatar Petroleum plans to supply the LNG volumes contracted under this agreement from its Qatargas 1 venture, which will become 100% owned by Qatar Petroleum as of January 1st 2022.

China is considered a major customer for the State of Qatar and a strategic partner in the energy sector. With the conclusion of this agreement, China will be supplied with approximately 12 MPTA of LNG under long term SPAs from Qatar.

As MRC informed earlier, in July 2020, the Chevron Phillips joint venture postponed final approval for a USD8 billion Gulf Coast plant, which it planned to approve next year with Qatar Petroleum. Chevron Phillips Chemical and Qatar Petroleum signed an agreement to build a 1.9 MTPA ethane cracker and 1.68 MTPA HDPE in the industrial city of Ras Laffan in Qatar.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, petrochemistry, Chevron, Chevron Phillips, Qatar Petrochemical, Shell.
Category:General News
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