Starting this July, the ten-year deal will see QatarEnergy supply as much as 120 million barrels of condensates to ENOC.
The contract was signed between ENOC Supply & Trading, an ENOC subsidiary, and QatarEnergy on behalf of Qatar Petroleum for the Sale of Petroleum Products Company.
The agreement is a component of ENOC’s attempt to meet the energy demands of the UAE and the wider region.
For QatarEnergy, the deal is aimed at developing direct sales with end customers while bolstering business relationships and cooperation.
QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “We are pleased to sign this long-term condensate sale agreement, further strengthening QatarEnergy’s relationship with ENOC, which extends back to 2008.
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“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.”
As per the terms of the agreement, the parties can expand the condensate volumes covered by the contract as more condensate is anticipated to be exported from Qatar once the North Field East and North Field South expansion projects are operational.
ENOC Group CEO Saif Humaid Al Falasi 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.”
Last month, QatarEnergy signed a 27-year liquefied natural gas supply deal with China National Petroleum Corporation.