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. (Mitsui), a global conglomerate engaged in the energy sector and general trading, headquartered in Japan.

The 10-year supply agreement stipulates the supply of up to eleven million barrels of condensates per annum, starting from April 2024.

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: "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."

The agreement highlights QatarEnergy’s strategy of establishing longer-term strategic business relationship 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.

About QatarEnergy

As a fully integrated energy corporation, QatarEnergy covers the full spectrum of the oil and gas value chain – from exploration to production, from processing and refining to sales and delivery.
As stewards of Qatar's natural resources and the world's largest provider of LNG, our strength rests in our ready access to Qatar's unique reserves to provide energy that fuels social and economic prosperity.

About Mitsui

Mitsui & Co., Ltd. is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world's main mega-trends: sustainability, health & wellness, digitalization, and the growing power of the consumer.