QatarEnergy, TotalEnergies to Collaborate on North Field East Project

Signing the agreement between QatarEnergy and TotalEnergies on Sunday (Asharq Al-Awsat)
Signing the agreement between QatarEnergy and TotalEnergies on Sunday (Asharq Al-Awsat)
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QatarEnergy, TotalEnergies to Collaborate on North Field East Project

Signing the agreement between QatarEnergy and TotalEnergies on Sunday (Asharq Al-Awsat)
Signing the agreement between QatarEnergy and TotalEnergies on Sunday (Asharq Al-Awsat)

QatarEnergy signed a partnership deal with France's TotalEnergies on Sunday for the North Field East expansion of the world's largest liquefied natural gas (LNG) project.

QatarEnergy's chief executive said more partners would be announced in the coming days.

The Gulf state is partnering with international energy companies in the first and largest phase of a nearly $30 billion expansion of the North Field project.

Saad al-Kaabi, Qatar’s energy minister and head of Qatar Energy, said the selection process for partners has been finalized and subsequent signings could be announced as soon as next week.

No company will have a stake higher than TotalEnergies, he added.

TotalEnergies Chief Executive Patrick Pouyanne said the company will have 25 percent of one train - or liquefaction and purification facility - in the project.

Known as the North Field Expansion (NFE), the plan includes six mega LNG trains to scale its liquefaction capacity from 77 million tons per annum to 126 mtpa by 2027.

Kaabi said Qatar has a unified approach, where all four trains are considered one unit.

TotalEnergies' 25 percent stake in one virtual train gives it around 6.25 percent of the whole four trains.

"We had announced that we are no longer investing in any new project in Russia, so the signing of this project in Qatar is important for us," said Pouyanne.

Kaabi said once the investments have been completed, Asian buyers are expected to make up half the market for the project, and buyers in Europe the rest.

Exxon Mobil Corp, Shell, ConocoPhillips and Eni will also participate in the North Field expansion, sources said.

The project will boost Qatar's position as the world's top LNG exporter and help to guarantee long-term supply of gas to Europe as the continent seeks alternatives to Russian flows, said people with knowledge of the matter.

The NFE project is set to boost Qatar’s position as the world’s top LNG exporter. It will also help to guarantee long term supply of gas to Europe after the shortage produced as a consequence of Russia’s invasion of Ukraine.

The top oil and gas producers have been eager to secure a stake in the project, but Qatar's strategy has been to raise the bar on what it expects from potential partners.

QatarEnergy has waited nearly five years to sign partnership agreements and has emphasized that it has abundant capital to self-finance the project.

Total, Exxon, Shell, Italy's Eni and Chevron have offered QatarEnergy opportunities to invest in prize assets they hold overseas. That move has helped QatarEnergy transform into a significant international player, with stakes in petrochemical facilities and oil blocks around the world, from South Africa to Suriname.



US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
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US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo

The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs kick in, US Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.

Bessent told CNN's "State of the Union" the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

"President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent said.

Bessent denied that August 1 was a new deadline for negotiations. "We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he told CNN, Reuters reported.

The US Treasury chief said the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" among countries in getting closure on a trade deal.

He declined to name countries that were close to a trade agreement, adding, "because I don't want to let them off the hook."

Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Since taking office, the US president has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other countries.

Trump on April 2 announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. The news roiled financial markets, prompting Trump to suspend all but the 10% base rate for 90 days to allow more time for negotiations to secure deals, but the process has proven more challenging than expected.

That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1.

Bessent, asked about the 70% rate, referred back to the April 2 list, but that did not include such high rates.