(Yicai Global) Nov. 22 -- China Petroleum and Chemical Corporation, also known as Sinopec, has secured one of the biggest-ever liquefied natural gas deals after signing a 27-year contract to buy 4 million tons a year from QatarEnergy.

This is the second long-term LNG agreement between the two state-owned energy firms and the first long-term LNG deal for Qatar’s North Field Expansion Project, Beijing-based Sinopec said in a press release yesterday. QatarEnergy said the LNG will be delivered directly to Sinopec's receiving terminal.

Qatar is the world's largest LNG supplier and China is the world's largest LNG buyer, making the two complementary. China imported more than 79.7 million tons of the cleaner-burning fuel last year, 68 percent, or 54.1 million tons, of which was bought through long-term agreements.

“The LNG supply will help meet the demand for natural gas in the Chinese market, but also further optimize China's energy mix while enhancing the security, stability, and reliability of energy supply,” said Ma Yongsheng, chairman of the Chinese energy giant.

The North Field is part of the world's largest gas field. Shared by Qatar with Iran, the field is scheduled to start production in 2026. By 2027, Qatar's annual LNG annual output will nearly double to 126 million tons from 77 million tons.

Editor: Futura Costaglione