Reuters cited QID chief executive Ibrahim El-Tinay as saying that the transaction proceeds will be used complete a number of Shandong’s underdevelopment projects.
The agreement is likely to be finalized by the fourth quarter of this year.
El-Tinay said: "These projects will include building 1,000 petrol stations across six provinces in China and a liquefied natural gas (LNG) terminal with a 3 million tonne per annum capacity in the region of Qinzhou."
El-Tinay said that the projects’ completion dates will be set once the deal is finalized.
According to a joint statement from the three firms, the stations will be built near Heze refinery in Shandong province in eastern China. A third of the refinery’s output will be supplied to the stations.
Additionally, an LNG terminal, which comprises terminal, jetty, regasification facilities and storage, will be constructed in the municipal region of Qinzhou in southern China.
El-Tinay said: "Following the construction of this terminal, we hope that Qatar will have the priority in providing it with supplies."
The companies have not disclosed how much share the companies will take from the proceeds.
