Talks with other Chinese, European buyers ongoing Kaabi
Says buyers may take up to a 5 stake in expansion
Says deal signals importance of secure longterm supply

DOHA, Nov 21 Reuters QatarEnergy has signed a 27year deal to supply China39;s Sinopec with liquefied natural gas in the longest such LNG agreement to date as volatility drives buyers to seek longterm supplies.

Since Russia39;s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts to help replace Russian pipeline gas that used to make up almost 40 of the continent39;s imports.

European companies looking to buy LNG needed to look at how Asian buyers were approaching their own negotiations and were willing to lock into longterm deals, QatarEnergy chief Saad alKaabi told Reuters, shortly before signing the Sinopec deal.

Today is an important milestone for the first sales and purchase agreement SPA for North Field East project, it is 4 million tonnes for 27 years to Sinopec of China, Kaabi said.

It signifies longterm deals are here and important for both seller and buyer, he said in an interview in Doha, adding that the deal was the LNG sector39;s largest single sales and purchase agreement on record.

The North Field is part of the world39;s biggest gas field that Qatar shares with Iran, which calls its share South Pars.

QatarEnergy earlier this year signed five deals for North Field East NFE, the first and larger of the twophase North Field…