Qatar Energy announced the signing of a long-term agreement to supply condensate to ENOC Group, the leading integrated oil and gas company in Dubai.
The agreement was signed by Qatar Energy, on behalf of the Qatar Petroleum Company for the Sale of Petroleum Products Limited, and ENOC Supply and Trading Company Limited, a subsidiary of the ENOC Group. Under the ten-year agreement, ENOC will be supplied with up to 120 million barrels of condensate from July 2023.
Commenting on this occasion, His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, said: “We are pleased to sign this long-term agreement for the sale of condensate, which will strengthen Qatar Energy’s relationship with the Emirates National Oil Company, which is back Until 2008. We look forward to building on this historical working relationship and on the confidence in the State of Qatar’s condensate exports, which contribute to enhancing the growth and development that our partners aspire to.”
In turn, His Excellency Saif Humaid Al Falasi, CEO of ENOC Group, said: “We are pleased to sign this long-term partnership with Qatar Energy, which 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 United Arab Emirates or abroad. 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 United Arab Emirates in partnership with government agencies around the world.” This agreement sheds light on Qatar Energy’s strategy related to direct sales to end users and building strategic business relationships 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.
Qatar Energy is “your partner in the energy transition”, and as such it is committed to building a better and brighter future by contributing to meeting today’s energy needs, while preserving the environment and natural resources for future generations, and adhering to the highest standards of sustainable human, social, economic and environmental development.
