Home » Industries » Germany signs 15-year oil deal with Qatar amid Ukraine War
Germany signs 15-year oil deal with Qatar amid Ukraine War
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Starting in 2026, Qatar will supply Germany with liquefied natural gas for the next 15 years, as gas supplies from Russia have gone dry due to the war in Ukraine.
The agreement is between Qatar Energy, the country's state-owned oil company, and Germany's ConocoPhillips, which will give Europe access to oil from Qatar's North Field expansion project for the first time.
Officials from both countries did not provide an official price tag to the deal, but Qatar will send up to 2 million tons of gas to German annually via the Brunsbuettel Terminal that is currently under construction, according to the Associated Press.
ConocoPhillips holds a small ownership stake in the North Field project, which Qatar shares with Iran in the Persian Gulf. Earlier this month, Qatar signed a similar 27-year sales and purchase agreement with China's Sinopec.