China Petroleum & Chemical Corporation (Sinopec Corp.), China's largest oil refiner, on Thursday signed a long-term liquefied natural gas (LNG) deal with U.S. LNG producer Venture Global LNG.
The purchase and sale agreement, with a duration of 20 years, will see the Chinese oil giant buy 4 million tonnes of LNG per year from Venture Global LNG's project in Plaquemines, Louisiana.
This is currently the largest long-term LNG agreement signed between China and the United States, according to Sinopec.
Meanwhile, Unipec, a subsidiary of Sinopec, will also purchase a combined 3.8 million tonnes of LNG from the Calcasieu Pass project owned by Venture Global LNG.
The LNG deal reflects the consensus of the two companies on pushing forward the global energy shift, Ma Yongsheng, president of Sinopec, told Xinhua. He added that the move is significant to China in achieving its carbon-neutrality goal.
China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
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