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Sinopec Signs Long-term Contract with Venture Global LNG

China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has signed a 20-year liquified natural gas (LNG) contract with U.S. LNG producer and exporter Venture Global LNG on November 4, 2021, to purchase 4 million tons of LNG a year.

Venture Global will supply the LNG from its plant in Plaquemines, Louisiana. In addition, China International United Petroleum & Chemicals ("UNIPEC"), a subsidiary of Sinopec, will purchase LNG resources totaling 3.8 million tons from Venture Global's Calcasieu Pass project.

Sinopec Signs Long-term Contract with Venture Global LNG. (PRNewsfoto/SINOPEC)

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Ma Yongsheng, president of Sinopec, noted that Sinopec has always insisted on a low-carbon, green, safe and responsible development strategy.

"Sinopec has been vigorously promoting the high-quality development of the natural gas business and improving clean energy supply guarantee capabilities to continuously build a better life. The LNG contract with Venture Global LNG reflects the two companies' high consensus on supporting the global energy transformation and realizing the "dual carbon" goals of reaching peak carbon and achieving carbon neutrality," said Ma.

Mike Sabel, CEO of Venture Global LNG, expressed how great an honor it is to establish a long-term cooperative relationship with Sinopec, and how the cooperation will speed up the carbon emissions reductions of both parties and provide low-cost, reliable, and safe clean energy to China. Venture Global LNG has been committed to promoting the global fuel transformation from coal to natural gas since the company was founded, and is very glad to supply U.S. LNG to Sinopec in support of China's energy transformation.

Venture Global LNG is a key LNG supplier in the Gulf of Mexico region in the U.S. and is committed to utilizing the rich natural gas resources of North America to provide the world with clean and economical LNG resources.

Source: Sinopec
Date: Nov 4, 2021


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