QatarEnergy, in collaboration with ENOC Group, has announced a long-term condensate supply agreement. The agreement, signed by QatarEnergy on behalf of Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), and ENOC Supply & Trading LLC, a subsidiary of ENOC, stipulates the supply of up to 120 million barrels of condensates to ENOC Group over a period of 10 years, commencing this month.
HE Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and also the President and CEO of QatarEnergy, expressed his pleasure in signing this long-term condensate sale agreement, further strengthening the relationship between QatarEnergy and ENOC. He emphasized the historic working relationship and the trust placed in Qatar’s condensate exports, which will contribute to the growth and development goals of their partners.
Saif Humaid Al Falasi, Group CEO of ENOC, expressed his honor in signing this agreement with QatarEnergy, highlighting the commitment to offering exceptional value to customers and stakeholders. As a leading integrated energy player, ENOC recognizes its role in contributing to the continued success of the UAE by collaborating with governmental entities worldwide.
This agreement reflects QatarEnergy’s strategic approach to establishing direct sales with end-users and fostering strong business relationships and cooperation. The terms of the agreement provide flexibility for both parties to increase the condensate volumes under the contract. With the expected expansion projects of North Field East (NFE) and North Field South (NFS) coming online, additional condensate volumes are anticipated to be exported from Qatar.
This long-term condensate supply agreement demonstrates the commitment of QatarEnergy and ENOC Group to strengthen their cooperation and partnership. By leveraging their expertise and resources, the two organizations aim to achieve mutual growth and contribute to the energy sector’s development. This collaboration is aligned with their shared vision of providing exceptional value and meeting the evolving needs of their customers and stakeholders.