QatarEnergy announces 10-year condensate supply agreement with UAE’s ENOC Group

QatarEnergy on Monday announced a long-term condensate supply agreement with the Dubai-based ENOC Group, a leading integrated global energy player.

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.

The 10-year sale agreement stipulates the supply of up to 120 million barrels of condensates to ENOC Group starting from July 2023.

His Excellency 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.”

His Excellency Saif Humaid Al Falasi, Group CEO at 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.”

The agreement highlights QatarEnergy’s strategy in establishing direct sales with end-users and building up strategic business relationship and cooperation.

The terms of the agreement 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.