QatarEnergy has signed a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell).
The agreement stipulates the supply of up to 18 million barrels per annum of Qatar Land and Qatar Marine crude oils to Shell starting January 2024. The agreement highlights QatarEnergy’s strategy in establishing longer-term strategic business relationships and cooperation.
Qatar Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said that, “We are delighted to sign our first-ever five-year crude sales agreement.”
Eng. Al Kaabi further noted that “this agreement further strengthens QatarEnergy’s relationship with Shell, which is not only a reliable crude oil off-taker but also a major customer and a strategic partner of QatarEnergy. We look forward to building on our historic relationship and hope we achieve greater success with Shell.”
QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally, including QatarEnergy LNG projects, the Pearl GTL Plant, and several other joint investments, as per the statement.
In October, QatarEnergy and Shell signed two long-term LNG sale and purchase agreements (SPAs) for the supply of up to 3.5 million tons per annum (MTPA) of LNG from Qatar to the Netherlands. Under the SPAs, the LNG will be delivered to the Gate LNG terminal located in the port of Rotterdam starting in 2026 for a term of 27 years.
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