QatarEnergy, an integrated energy company, and UAE-based leading integrated global energy player ENOC Group have entered into a 10-year sale agreement in order to supply up to 120 million barrels of condensates to ENOC Group.
The agreement highlights ENOC Group’s efforts to cater to 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 relationships and cooperation.
The agreement was signed by QatarEnergy, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), and ENOC Supply and Trading, a subsidiary of ENOC, as per the statement.
Saif Humaid Al Falasi Group CEO – ENOC
“We are honored to sign this long-term agreement with QatarEnergy, to strengthen the cooperation and partnership between both organizations which reiterates our commitment to offering exceptional value to our customers and stakeholders. As a leading integrated energy player, we recognize the role we play in contributing towards UAE’s continued success by collaborating with governmental entities across the globe.”
The terms of the agreements allow 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.
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said that, “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,” Mr. Al-Kaabi added.
