China signed two multibillion, dollar long-term deals to buy liquefied natural gas from Qatar on Thursday, marking a milestone in Asia’s evolution as the hottest market for the fuel.

PetroChina struck a deal to buy 3m tonnes of LNG a year over 25 years from 2011 with Qatar and Royal Dutch Shell, its partner. Analysts said the deal could could be worth as much as $60bn (£30.4bn).

NOOC, China’s primary LNG importer, also signed a framework supply agreement. Although it is yet too be formalised in a binding contract, it is for 2m tonnes a year from 2009.

The deals indicate that Beijing recognises it must pay global market prices to secure supplies of LNG. ... Read full article