Qatar Energy Announces Ten-Year Condensate Supply Agreement with Mitsui & Co.

QatarEnergy announced the signing of a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd., a wholly-owned subsidiary of Mitsui & Co. Ltd. Mitsui & Co., Ltd. is a global conglomerate engaged in the energy field and general trading, headquartered in Japan.

The 10-year supply agreement provides for the supply of up to 11 million barrels of condensate per year starting in April 2024.

Saad Sherida Al-Kaabi, Minister of Energy in Qatar, and the President and CEO of QatarEnergy, said: "We are pleased to announce the signing of this long-term sales agreement with one of our strategic partners in Japan, cementing our decades-long relationship with Mitsui & Co. This agreement marks an important step toward creating synergies between our companies and promoting mutual growth and value for both parties."

The agreement underscores QatarEnergy's strategy of establishing long-term strategic business relationships and collaborations. The terms of the supply agreement provide the option to increase condensate volumes as the State of Qatar is expected to export additional condensate volumes once the North Field East (NFE) and North Field South (NFS) expansion projects come online.

Qatar Energy and Mitsui & Co. have established a long-term strategic partnership through multiple joint investments in Qatar's energy industry.