PetroChina signs 22-year LNG deal with Qatargas

PetroChina and Qatargas have concluded two sale and purchase agreements for 22 years of LNG supply, starting in 2018. Under the SPAs, PetroChina will purchase 2 mmtpa of LNG until 2022, and then 3.4 mmtpa of LNG to 2040. The deal is significant because the SPA volume is the largest signed by a Chinese buyer in more than four years. After being inactive in contracting activities for almost four years, PetroChina has concluded three SPAs in the past six months or so. There is clear evidence that Chinese NOCs are rediscovering their appetite for LNG contracting.