ENOC Group and QatarEnergy announce 10-year condensate supply agreement
July 10, 2023
ENOC Group, a leading integrated global energy player, and QatarEnergy, an integrated energy company today announced a 10-year sale agreement stipulating the supply of up to 120 million barrels of condensates to ENOC Group starting from July 2023.
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 & Trading LLC, a subsidiary of ENOC.
His Excellency Saif Humaid Al Falasi, Group CEO, ENOC said: "We are honoured to sign this long-term agreement with QatarEnergy, to strengthen the cooperation and partnership between both organisations which reiterates our commitment to offering exceptional value to our customers and stakeholders. As a leading integrated energy player, we recognise the role we play in contributing towards UAE’s continued success by collaborating with governmental entities across the globe.”
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to sign this long-term condensate sale agreement, further strengthening QatarEnergy’s relationship with ENOC, which extends back to 2008. We look forward to building on the historic working relationship and the trust in Qatar’s condensate exports to help further the growth and development our partners hope to achieve.”
The agreement highlights ENOC Group’s efforts to catering the energy needs in the UAE and the broader region, as well as QatarEnergy’s strategy in establishing direct sales with end-users and building up strategic business relationship and cooperation.
Terms of the agreements 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.