Qatar Energy

Owners

2022: Italy's Eni gets 3.1% in company

In June 2022, Eni SpA became the second foreign company to receive a stake in the $29 billion project, which will expand LNG production in Qatar amid the worsening energy crisis in Europe and rising prices.

The Italian company will take a 3.1% stake in the project, Qatar Energy Chief Executive Officer Saad Al-Kaabi said on June 19. The company joined TotalEnergies as an investor in the North Field East project.

History

2023: Ras Laffan Petrochemicals opens with Chevron Phillips Chemical

On January 8, 2023, Qatar Energy and Chevron Phillips Chemical signed agreements for $6 billion to develop a joint oil and gas chemical project in the city of Ras Laffan, which will become the largest of its kind in the Middle East. The project will optimize the utilization of ethane manufactured at the liquefied natural gas plant. The new company was named Ras Laffan Petrochemicals. Read more here.

2022: Chinese Sinopec's 27-year LNG supply contract

Qatar Energy signed a 27-year contract to supply liquefied natural gas (LNG) to China's Sinopec on Nov. 21, 2022, the longest such agreement so far as volatile markets force buyers to seek long-term deals.

"Today is an important milestone for the first purchase-sale agreement (SPA) for the North Field East project, it is 4 million tonnes over 27 years for Chinese company Sinopec," QatarEnergy chief Saad al-Kaabi said in Doha shortly before the deal was signed.

"That means long-term deals are already here and important for both the seller and the buyer," he said.