Qatar’s push highlights the importance of gas for the country. Exports of the fuel are the country’s biggest revenue earner which has already made it one of the wealthiest countries and helped boost its global clout since it started shipments about two decades ago.

About 40% of new global LNG output will come from Qatar by 2029, said Minister of Energy Saad al-Kaabi at the LNG 2023 conference.

China National Petroleum Corp. signed a 27-year LNG purchase agreement for 4 million tons annually with QatarEnergy on Tuesday.

CNPC's talks follow a deal announced last November by China's Sinopec, in which QatarEnergy agreed to supply 4 million tonnes of LNG annually for 27 years, the longest duration LNG supply contract ever signed by Qatar.

Despite the adoption of the Versailles Declaration in March 2022, when leaders of the 27 EU member states pledged to phase out the EU’s dependence on Russian fossil fuels as soon as possible, imports of Russian LNG increased by 12% in 2022 compared to 2021.

Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.

This agreement is the second LNG SPA between QatarEnergy and Sinopec, following the 10-year SPA signed in March 2021 for the supply of 2 Mt/year (2.8 bcm/year) to China.

They reaffirmed mutual interest in continuing close coordination in the energy sector to ensure the necessary balance and stability in the global gas market, among other things.

Qatar is carrying out another expansion plan, North Field East, which will cost almost $30 billion and is set to send out its first shipments in 2026. Some supply agreements have already been finalized for that project, Kaabi said.

Shell has been selected by QatarEnergy as a partner in the North Field East expansion project in Qatar, the single largest project in the history of the liquefied natural gas (LNG) industry.