QatarEnergy announces 10-year condensate supply agreement with Mitsui & Co.

QatarEnergy has announced a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd., a wholly owned subsidiary of Mitsui & Co. Ltd., the companies said on Sunday.

The 10-year supply agreement stipulates the supply of up to eleven million barrels of condensates per annum, starting from April 2024, the companies said.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are delighted to announce the signing of this long-term sales agreement with one of our strategic Japanese partners, solidifying our decades-long relationship with Mitsui. This agreement marks a significant step in advancing synergy between our companies and fostering mutual growth and value for both parties.”

The agreement highlights QatarEnergy’s strategy of establishing longer-term strategic business relationship and cooperation. The terms of the supply agreement provide options for increasing the condensate volumes, as additional condensate volume is expected to be exported from the State of Qatar once the North Field East (NFE) and North Field South (NFS) expansion projects come online.

QatarEnergy and Mitsui have a long-standing strategic partnership through several shared investments in the energy industry in Qatar, as well as with the global conglomerate engaged in the energy sector and general trading, headquartered in Japan.