QatarEnergy will supply up to 120 million barrels of condensates to Dubai-based ENOC Group for the next 10 years, beginning July 2023, it was announced on Monday.

QatarEnergy, on behalf of Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), signed the long-term condensate supply agreement with ENOC Supply and Trading LLC.

QatarEnergy announces 10-year condensate supply agreement with UAE’s ENOC Group#QatarEnergy #YourEnergyTransitionPartner ⁣⁣#Qatar

— QatarEnergy (@qatarenergy) July 10, 2023

Qatar’s Minister of State for Energy Affairs HE Saad bin Sherida Al Kaabi, who is also President and CEO of QatarEnergy, said the agreement would further strengthen their relationship with ENOC, which dates back to 2008.

“We look forward to building on the historic working relationship and trust in Qatar’s condensate exports to help improve the growth and development our partners hope to achieve,” said Al Kaabi.

ENOC’s Group CEO Saif Humaid Al Falasi said the long-term agreement would strengthen cooperation and partnership between the two organizations, thereby offering exceptional value to customers and stakeholders.

“As a leading integrated energy player, we recognize the role we play in contributing towards UAE’s continued success by collaborating with governmental entities across the globe,” he said.

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 condensate volumes under the contract. Additional condensate volume is expected to be exported from Qatar once the North Field East and North Field South expansion projects come online.

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