(Yicai Global) Dec. 9 -- Shares of China Suntien Green Energy rose after the natural gas supplier reached a 15-year agreement with a state-owned petroleum company in Qatar to ensure its liquefied natural gas supply.

Suntien's Shanghai-listed stock price [SHA: 600956] climbed as much as 3.6 percent to CNY18.80 (USD3). The shares are almost 70 percent up this year.

Hong Kong-listed equity price [HKG: 0956] jumped as much as 6.4 percent to HKD6.18 (80 US cents). The shares have more than doubled in value this year.

Suntien's board has approved the signing of a long-term LNG supply contract with Qatar Liquefied Gas, a subsidiary of QatarEnergy, the Shijiazhuang-based buyer said in a statement yesterday.

The agreement will begin this year or next year. The actual prices will be determined based on the international crude oil price index, according to the announcement.

LNG is becoming an important low-emission energy source in China and Suntien is increasing its supply. The firm is building more pipelines and a new LNG terminal in Hebei province’s Tangshan. The northern company sold about 2.9 billion cubic meters of gas in the first three quarters, a nearly 13 percent increase from a year ago, according to its earnings report. It served 441,300 households as of June.

As China moves toward its 2060 carbon neutrality goal, natural gas firms have sought to secure their supply. Energy giant Sinopec entered a long-term LNG agreement with a US supplier last month. Foshan-based Foran Energy Group did the same.

Editor: Emmi Laine, Xiao Yi