12 April 2021
Global leading law firm Herbert Smith Freehills has advised China Petroleum & Chemical Corporation (Sinopec) on the signing of a long-term liquefied natural gas sale and purchase agreement (LNG SPA) with Qatar Petroleum.
Under the agreement, the national petroleum company of Qatar will deliver 2 million tons of LNG to China each year for 10 years starting from 2022. This is the first long-term LNG supply agreement between Sinopec and Qatar Petroleum.
“We are delighted to have advised Sinopec on this strategic move to expand its LNG business,” said Monica Sun, head of the firm’s China energy practice. “Combining our recognised strength in the energy sector with our expertise in the LNG and gas businesses helped us to deliver high-quality advice on this transaction efficiently and effectively.”
“China has committed to peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060, which calls for sustainable development of energy companies,” said Monica. “Our longstanding expertise helps clients to deliver on their commitments to sustainability and to meeting the growing needs of the local market.”
As a firm, Herbert Smith Freehills is committing to net-zero carbon emissions by 2030, and adopting science-based targets to reduce the carbon emissions it produces as a business.
Partner Monica Sun led the Beijing team advising Sinopec on the transaction, supported by senior associate James Zhang and paralegal Yilin Pei. Partner Calvin Ho provided specialist support on shipping aspects of the transaction.
全球领先的律师事务所史密夫斐尔为中国石油化工股份有限公司(中国石化)与卡塔尔石油公司签署液化天然气(LNG)长期购销协议提供法律服务。
根据协议，卡塔尔石油公司将从2022年起向中国石化每年供应200万吨液化天然气，为期10年。这是中国石化与卡塔尔石油公司签署的首份长期LNG购销协议。
史密夫斐尔中国能源业务主管合伙人孙晔表示：“我们很荣幸能够为中国石化就此次交易提供法律服务，助力其战略性地拓展LNG业务版图。史密夫斐尔在能源领域拥有业内公认的领先地位，尤其对于LNG与天然气市场有着深入的理解和经验；两者相互结合，使我们能够高效地就这笔交易提供高质量的法律服务。”
孙晔表示：“中国承诺力争在2030年前达到碳达峰，在2060年前实现碳中和，这对能源公司实现可持续发展提出了要求。史密夫斐尔所具备的深厚专业经验能够帮助客户实现对可持续发展的承诺，并同时满足当地市场日益增长的需求。”
作为一家全球性的企业，史密夫斐尔通过科学设定目标来减少自身业务产生的碳排放，力争在2030年前自身实现净零碳排放。
合伙人孙晔率领史密夫斐尔北京团队为中国石化本次交易提供法律服务，张嘉(Senior Associate)和裴一林(Paralegal)提供支持。合伙人胡贵英在该笔交易中就船运事务提供专业意见。
For further information, please contact:
Monica Sun, Partner, Herbert Smith Freehills
Monica.Sun@hsf.com
