QatarEnergy inks 10-year condensate supply deal with Mitsui

By Shilpa Annie Joseph, Official Reporter
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QatarEnergy inks supply deal with Mitsui
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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., a Japan-based global conglomerate engaged in the energy sector and general trading.

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 relationships 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.

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said that, “We are delighted to announce the signing of this long-term sales agreement with one of our strategic Japanese partners, solidifying our decades-long relationship with Mitsui. This agreement marks a significant step in advancing synergy between our companies and fostering mutual growth and value for both parties.”

Last month, QatarEnergy signed a long-term LNG sale and purchase agreement (SPA) with Excelerate Energy (Excelerate) for the supply of LNG from Qatar to Bangladesh.

Under the agreement, Excelerate will purchase up to one million tons per annum (MTPA) of LNG from QatarEnergy to be delivered to floating storage and regasification units in Bangladesh for 15 years starting in January 2026.

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