Qatar Energy, ENOC Group Sign Long-term Condensate Supply Deal

Qatar Energy has signed a long-term agreement to supply condensates to the Emirates National Oil Company (ENOC) Group, a leading player in the oil and gas sector based in Dubai. Under the terms of the agreement, Qatar Energy will supply up to 120 million barrels of condensate, beginning in July 2023.

Saad Sherida Al-Kaabi, the State Minister for Energy Affairs and the President and CEO of Qatar Energy, stated that this long-term condensate sales agreement will strengthen the company's relationship with ENOC, which dates back to 2008. "We look forward to building upon our historic business relationship and trust in Qatar's condensate exports, which contribute to the growth and development our partners aspire to," he added.

For his part, Saif Humaid Al Falasi, the CEO of the ENOC Group, expressed his belief that this long-term partnership with Qatar Energy will bolster cooperation between the two entities. He added, "This reaffirms our commitment to providing our customers and stakeholders with exceptional value, whether in the United Arab Emirates or various parts of the region and the world."

Elaborating on ENOC's role, Al Falasi said, "As a leading integrated energy company, the ENOC Group recognizes the significant role it plays, contributing to the continuous success of the UAE in partnership with government bodies around the world."

The agreement underlines Qatar Energy's strategy related to direct sales operations to end-users and the construction of business relationships and strategic cooperation. The terms of the agreement allow for an increase in the volumes of condensates covered in the contract. It is expected that additional quantities of condensates will be exported from Qatar once production begins from the North-East and South field expansion projects.