PetroChina reaches LNG agreement with Qatar

PetroChina has agreed to a major liquefied natural gas (LNG) deal with Qatar, the Wall Street Journal reported. PetroChina signed an agreement with Qatargas Operating Co for long-term supplies to its Dalian receiving terminal, which is due to start operations in 2012 and has a planned capacity of 3 million metric tons per year. An official with the Dalian government confirmed the terminal was approved by the National Development and Reform Commission, and that the terminal needed to have guaranteed supply to proceed to the construction phase. The deal marks China's first long-term agreement for LNG in the Middle East outside of Iran. Qatar is the world's largest producer of LNG.

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