PetroChina (NYSE:PTR) has signed a 22-year supply deal with Qatar to purchase 3.4M tons/year of liquefied natural gas, state-controlled Qatargas says.
The agreement would be the Chinese company’s biggest supply deal based on annual volume and comes as an escalating trade war with the U.S. that threatens to stifle China’s purchases of American fuel.
Under the deal, Qatargas will supply LNG from the Qatargas 2 project, a joint venture between Qatar Petroleum, Exxon Mobil (NYSE:XOM) and Total (NYSE:TOT).
China’s LNG imports have surged 35% YTD, helping it overtake Japan as the world’s biggest buyer of natural gas.
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