QatarEnergy and Mitsui forge ahead with decade-long condensate supply deal

QatarEnergy, a leading entity in the global energy sector, has entered into a landmark long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd., a subsidiary of the Japanese conglomerate Mitsui & Co. Ltd. This significant deal, set to commence in April 2024, underscores QatarEnergy’s strategic approach to strengthening business relationships and expanding its global footprint in the energy market.

Under the terms of the 10-year agreement, QatarEnergy will supply up to eleven million barrels of condensates annually to Mitsui, marking a significant commitment between the two companies. This collaboration not only solidifies a long-standing partnership but also highlights QatarEnergy’s role as a key player in the global energy supply chain. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, expressed his enthusiasm for the agreement, stating, “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.”

The agreement represents a strategic step towards enhancing the synergy between QatarEnergy and Mitsui, aiming to foster mutual growth and value creation. It reflects QatarEnergy’s strategy of establishing long-term strategic business relationships and cooperation, providing a framework for future collaboration and potential increase in condensate volumes. The anticipated expansion of Qatar’s North Field East (NFE) and North Field South (NFS) projects is expected to boost the available condensate volumes for export, offering opportunities for further collaboration between QatarEnergy and its international partners.

QatarEnergy and Mitsui’s partnership is not new; the two entities share several investments in the energy industry within Qatar, signifying a robust strategic alliance. This agreement further cements the strong ties between Qatar and Japan in the energy sector, showcasing QatarEnergy’s commitment to leveraging its vast resources for global energy security and sustainability.