Qatar Energy has signed a long-term agreement to supply condensate to the ENOC Group, a company specialized in the field of oil and gas in Dubai, United Arab Emirates.
The agreement was signed by Qatar Energy, on behalf of Qatar Petroleum for the sale of petroleum products Ltd., and ENOC Supply and Trading Company, affiliated to the ENOC Group.
Under the ten-year agreement, ENOC will be supplied with up to 120 million barrels of condensate starting from July 2023.
His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, said that the signing of this long-term agreement for the sale of condensate will strengthen Qatar Energy’s relationship with the Emirates National Oil Company, which dates back to 2008. “We look forward to building on the historical working relationship, and on the confidence in the State of Qatar’s exports of condensate, which contribute to enhancing the growth and development that our partners aspire to.”
In turn, His Excellency Mr. Saif Humaid Al Falasi, CEO of ENOC Group, considered that signing this long-term partnership with Qatar Energy will contribute to strengthening cooperation between the two institutions, which would confirm our commitment to providing our customers and stakeholders with exceptional value, whether in the UAE. United Arab Emirates or across the region and the world.
Al Falasi added: “Based on our role as a leading company in the field of integrated energy, the ENOC Group is aware of the important role it plays and through which it contributes to the continuous successes of the UAE in partnership with government agencies around the world.”
This agreement sheds light on Qatar Energy’s strategy related to direct sales operations to end users and building strategic business relations and cooperation.
The terms of the agreement allow the parties to increase the volumes of condensate included in the contract, as additional quantities of condensate are expected to be exported from the State of Qatar once production starts from the Northeast and South field expansion projects.
