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QatarEnergy secures 10-year deal to provide condensate to Mitsui of Japan
FILE PHOTO: Model of LNG tanker is seen in front of Qatar's flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration//File Photo
QatarEnergy has entered into an agreement to provide Mitsui & Co of Japan with 11 million barrels of condensate annually for a decade beginning in April, as stated by Qatar’s state-owned energy firm on Sunday.
The arrangement includes a provision to increase the quantity of condensate QatarEnergy supplies to Mitsui & Co as additional volumes become accessible from Qatar’s extensive North Field liquefied natural gas (LNG) expansion initiative, according to QatarEnergy’s announcement.
“We are pleased to announce the conclusion of this enduring sales pact with one of our strategic Japanese partners, further cementing our longstanding association with Mitsui,” remarked Saad Sherida Al-Kaabi, CEO of QatarEnergy and Qatar’s Minister of State for Energy Affairs.
Condensates, a by-product of natural gas extraction, are frequently employed in gasoline production.
In July, Japanese Prime Minister Fumio Kishida expressed his intent to reinforce energy connections and economic collaboration with Qatar during his visit to the prominent gas-producing nation.
Last October, Mitsui & Co revealed it was contemplating acquiring a stake in the North Field expansion project to ensure a consistent LNG supply.
Kaabi stated in December that QatarEnergy was engaged in discussions with various Asian buyers regarding potential partnerships aimed at adding value.
