QatarEnergy Announces 10-Year Condensate Supply Agreement with UAE ENOC Group
QatarEnergy announced a long-term condensate supply agreement with the Dubai-based ENOC Group, a leading integrated global energy player.
The agreement was signed by QatarEnergy, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), and ENOC Supply and Trading LLC, a subsidiary of ENOC.
The 10-year sale agreement stipulates the supply of up to 120 million barrels of condensates to ENOC Group starting from July 2023.
HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said that signing this long-term condensate sale agreement further strengthening QatarEnergys relationship with ENOC, which extends back to 2008.
"We look forward to building on the historic working relationship and the trust in Qatars condensate exports to help further the growth and development our partners hope to achieve," His Excellency added.
HE Group CEO at ENOC Saif Humaid Al Falasi said the long-term agreement with QatarEnergy will contribute to strengthening the cooperation and partnership between both organizations which reiterates the commitment to offering exceptional value to customers and stakeholders.
"As a leading integrated energy player, we recognize the role we play in contributing towards UAEs continued success by collaborating with governmental entities across the globe," he added.
The agreement highlights QatarEnergys strategy in establishing direct sales with end-users and building up strategic business relationship and cooperation.
The terms of the agreement allows parties to further increase the condensate volumes under the contract, as additional condensate volume is expected to be exported from Qatar once the North Field East (NFE) and North Field South (NFS) expansion projects come online.