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Qatar and Saudi Arabia Both Place Long Term Bets on China

Qatari Energy Minister Saad Sherida Al-Kaabi, who is also the President and CEO of Qatar Petroleum, and Mr. Zhang Yuzhuo, the Chairman of Sinopec Group, participate in a virtual ceremony attended by senior officials from both sides.

With oil and gas demand in the U.S. and Europe expected to fall dramatically in the years ahead as both regions embrace a post-carbon economy, two of the world’s largest energy exporters, Qatar and Saudi Arabia, are now looking to China to fill the void. Ministers and corporate leaders from both countries are placing huge long-term bets on supplying China with vast amounts of oil and gas for decades to come:

  • QATAR: The state-owned Qatar Petroleum signed its first long-term deal to supply natural gas to China. The state-owned Qatar Petroleum signed a deal on Monday to supply Sinopec, also a state-owned company, with 2 million tons of liquified natural gas per year. (OIL & GAS MIDDLE EAST)
  • SAUDI ARABIA: The head of Saudi Aramco, the world’s largest oil company, said that ensuring China’s energy security for the next 50 years will be the company’s top priority. Amin Nasser made the comments on Monday at a meeting of the China Development Forum. Saudi Arabia is now China’s top energy supplier. (ARGUS MEDIA)

Chinese Foreign Minister Wang Yi will be traveling to Saudi Arabia as part of a six-nation tour of the Persian Gulf and Turkey that kicks off tomorrow.

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