UAE: QatarEnergy, the state-owned energy company of Qatar, has entered into a decade-long agreement with the UAE’s National Oil Company (ENOC) Group. The agreement entails the supply of an impressive quantity of up to 120 million barrels of condensates.
The signing of this significant deal took place between QatarEnergy, representing Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), and ENOC Supply & Trading LLC, a subsidiary of ENOC. This collaboration marks a major milestone for both nations in the energy sector.
The agreement not only solidifies their relationship but also establishes a stable supply chain for the essential condensates.
Under the terms of this agreement, there is even room for expansion. As the expansion projects, namely the North Field East (NFE) and North Field South (NFS), become operational, the parties involved can further increase the condensate volumes. This anticipated boost in export capacity from Qatar will undoubtedly have a positive impact on the overall supply dynamics.
QatarEnergy’s expertise in energy production, coupled with ENOC’s robust trading capabilities, ensures a fruitful collaboration that will contribute to the energy security of the UAE. The stability of the long-term agreement guarantees a reliable source of condensates, a valuable resource for various industries.
The 10-year condensate supply agreement between ENOC and QatarEnergy heralds a new era of collaboration and stability in the energy sector. With the potential for further expansion and forthcoming projects in Qatar, this strategic partnership promises long-term benefits for both nations.