China signs one of its biggest ever LNG deal with Qatar at $60 billion

China signed a landmark $60 billion agreement for purchases of liquefied natural gas from Qatar, as the world’s second-largest economy looks to bolster its energy security for decades.

Qatar Energy will send Sinopec 4 million tons of LNG a year starting in 2026, the state-controlled companies announced in a virtual ceremony on Monday. The deal will last for 27 years, making it China’s longest LNG supply agreement to date, according to data from BNEF. It’s also one of the country’s biggest in terms of volume.

Countries around the world are rushing to secure the power-plant and heating fuel from major