QatarEnergy signs two landmark agreements with Taiwan's CPC Corporation

QatarEnergy announced today the signing of two significant agreements with CPC Corporation, Taiwan, securing a long-term supply of liquefied natural gas (LNG), and a partnership in the North Field East Expansion Project.

Under the sales and purchase agreement, QatarEnergy will deliver four million tons of LNG annually from the North Field East Expansion Project to CPC Corporation over a span of 27 years. This agreement underscores Qatar’s commitment to long-term energy partnerships and its role as a leading global supplier of LNG.

In addition, the two entities have inked an equity participation agreement. QatarEnergy will transfer a 5% stake of one equivalent production line from the North Field East Expansion Project, which has a capacity of eight million tons per year, to CPC Corporation. This transaction positions CPC as a new partner in the project without altering the stakes of existing partners.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs welcomed CPC Corporation as a valuable partner in the North Field East Expansion Project, stating, "These agreements reflect our unwavering commitment to our customers and partners worldwide."

Shun-Chin Lee, Chairman of CPC Corporation, commented echoed Al-Kaabi's sentiment, and added,"QatarEnergy, as a global leader in LNG, has played a crucial role in meeting the local gas market demands in Taiwan over the past decades. The new LNG sales and purchase agreement, along with the equity stake in the North Field East Expansion Project, will further enhance the collaborative relationship between our companies."

The North Field East Expansion Project is part of a comprehensive plan to increase LNG production from Qatar's North Field. This plan includes the North Field South and West Projects, which aim to boost Qatar's LNG production capacity from the current 77 million tons per year to 142 million tons per year by 2030.

These agreements mark a significant milestone in QatarEnergy's expansion strategy and reinforce Qatar's position as a key player in the global energy market.