“ENOC Group”, which operates in the oil and gas sector, announced that it will sign a 10-year contract with “Qatar Energy Company” to supply up to 120 million barrels of condensate for the benefit of the group from July 2023. .
The agreement was signed by ENOC Supply and Trading Company Limited, a subsidiary of ENOC Group, and Qatar Energy on behalf of Qatar Petroleum for Sale of Petroleum Products Limited.
Saif Humaid Al Falasi, CEO of ENOC Group, said: “We are delighted that (Qatar Energy Company) has signed this long-term partnership, which will contribute to strengthening the cooperation between the two companies, which will confirm our commitment to provide our customers and partners with exceptional value in the UAE or the region and around the world.
Al-Falasi added: “Based on our role as a leader in the integrated energy sector, (ENOC Group) is aware of the important role it plays in contributing to the continued success of the UAE in partnership with the government and agencies around the world.”
For his part, the Minister of Energy Affairs, the Managing Director and Chief Executive Officer of Qatar Energy, Engineer Saad Bin Sherida Al-Kaabi said: “We are pleased to sign a long-term contract for the sale of condensate, which will strengthen our relationship with Emirates National Oil Company (Qatar Energy), which was established in 2008. We look forward to building on this historic working relationship and building trust in Qatar’s condensate exports that will contribute to the growth and development that our partners desire.”
This agreement highlights the efforts of “ENOC Group” in meeting the energy demand in the UAE and the region, along with the strategy of “Qatar Energy” regarding direct sales to end users and building business relationships.
The terms of the agreement allow the parties to increase the amount of condensate included in the agreement as additional quantities of condensate are expected to be exported from the State of Qatar when production from the Northeast and South field expansion projects commences.
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