The deal, commencing in January 2024, involves the annual supply of up to 18 million barrels of Qatar Land and Qatar Marine crude oils to Shell.
The agreement builds on QatarEnergy’s long-standing strategic partnership with Shell. The oil and gas companies have several shared investments in the energy industry both in Qatar and across the globe.
These joint ventures include QatarEnergy liquified natural gas (LNG) projects, the Pearl GTL Plant, and various other collaborative investments.
QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “We are delighted to sign our first ever five-year crude sales agreement. This agreement further strengthens QatarEnergy’s relationship with Shell, which is not only a reliable crude oil off-taker, but also a major customer and a strategic partner of QatarEnergy.
“We look forward to building on our historic relationship and hope we achieve greater success with Shell.”
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In October this year, the Qatar government-backed company signed long-term LNG supply deals with Shell in the Netherlands
Starting in 2026, QatarEnergy will deliver up to 3.5 million tonnes per annum of LNG to the Gate LNG terminal in the Port of Rotterdam for a period of 27 years.
The Middle East energy major has signed similar LNG supply deals with several oil and gas companies.
Some of these include China Petrochemical Corporation, France’s TotalEnergies, Italy-based Eni.