Sinopec and QatarEnergy Ink Long-term LNG Deal

The Deal Will See QatarEnergy Supply 4 million tons of LNG to Sinopec Every year,and the Two Sides Carry out Integrated Cooperation on the Expansion Project of the Northern Gas Field

BEIJING,Nov. 22,2022 -- China Petroleum & Chemical Corporation (HKG: 0386,"Sinopec") and QatarEnergyhavesigned along-term Liquified Natural Gas (LNG) purchase and sales agreement forthe annual supply offour million tons of LNG to Sinopec.Both partieswillwork together onQatar's North Field Expansion Project ("the Project").

The 27-year long-term LNG purchase and sale agreement is an important part of the integrated cooperation between the two sides. Sinopec Chairman Ma Yongsheng and QatariMinister of State for Energy Affairs,President and CEO of QatarEnergy,H.E. Saad Sherida Al-Kaabi,formally signed the agreement together during an online ceremony.

China and Qatar haveenjoyedfriendly and close tieswhile building synergies in theenergy sector,Ma said. The healthy level of diplomacy createsa favorable environment for both sides to continuously deepen theircooperation.

"The signing of this agreement alignswith Sinopec's adherenceto green,low-carbon,safe,and sustainable development," Ma said. "The LNG supply willhelp meet the demand for natural gas in the Chinese market,but also further optimize China's energy mix while enhancing thesecurity,stability,and reliability of energy supply."

"We are delighted to have reached this agreement,which will further strengthen the excellent bilateral relationship between China and Qatar," said H.E. Mr. Al-Kaabi. "Theagreementwill help to meet China's growing demand for clean energy. This cooperation,which spans different fields andwill last for27 years,marksanextraordinary and exciting new chapter of cooperation between the two sides.

Commissioning of the Northern Gas Field Expansion Project is slatedfor 2026. This agreement is the second long-term LNG purchase and sale agreement signed between Sinopec and QatarEnergy,and the first long-term LNG purchase and sale agreement for the Project.

For more information,please visitSinopec.