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. (“Mitsui”), a global conglomerate engaged in the energy sector and general trading, headquartered in Japan, according to the company's release.
The 10-year supply agreement stipulates the supply of up to eleven million barrels of condensates per annum, starting from April 2024.
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.