China's Sinopec acquires stake in Qatar gas project

April 12, 2023 The Chinese oil giant Sinopec acquired a stake in a field owned by Qatar's state-owned energy firm on Wednesday, as Beijing increases its influence in the region. The official Qatar News Agency reported that QatarEnergy will transfer a 5% stake in its North Field East. The stake has a capacity of eight million tons per year, according to the agency. Background: QatarEnergy, formerly Qatar Petroleum, is majority owned by the government of Qatar. Part of the company is also listed on the Qatar Stock Exchange. In 2018, QatarEnergy announced that foreign investors could hold up to 49%…