- QatarEnergy and Mitsui & Co. Energy sign a 10-year condensate supply agreement
- 10-year supply of up to 11 million barrels of condensate per year, starting from April 2024
- Agreement highlights QatarEnergy’s strategy of establishing long term strategic business relationships
- Provides options for increased condensate volumes from QatarEnergy’s North Field expansion projects
- QatarEnergy and Mitsui have a long-standing strategic partnership
QatarEnergy, the world’s largest liquefied natural gas (LNG) company, has announced a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd. The 10-year deal will start in April 2024 and will supply up to 11 million barrels of condensates per year.
Condensates are light hydrocarbon liquids that are produced along with natural gas. They are used as feedstock for refineries and petrochemical plants, and as blending components for gasoline and diesel. Qatar is one of the largest condensate producers and exporters in the world, with an average production of about 700,000 barrels per day in 2020.
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. The NFE project, which is expected to start production in 2025, will increase Qatar’s LNG production capacity from 77 million tonnes per annum (Mtpa) to 110 Mtpa. The NFS project, which is expected to start production in 2027, will further increase Qatar’s LNG production capacity to 126 Mtpa.
QatarEnergy and Mitsui have a long-standing strategic partnership through several shared investments in Qatar’s energy industry. Mitsui is a partner in Qatargas 1, the first LNG project in Qatar, which started production in 1996. Mitsui is also a partner in Laffan Refinery 1, the first condensate refinery in Qatar, which started production in 2009. In addition, Mitsui is involved in various downstream projects in Qatar, such as Ras Laffan Olefins Company, Q-Chem II and Qatofin.
QatarEnergy is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in Qatar and beyond. QatarEnergy’s activities encompass exploration, production, processing, marketing and sales of oil, natural gas liquids, natural gas, LNG, gas-to-liquids (GTL), refined products, petrochemicals and fertilizers, as well as helium.
Mitsui & Co. Energy Trading Singapore is a wholly owned subsidiary of Mitsui & Co. Ltd., which is headquartered in Japan. Mitsui & Co. is a global trading and investment conglomerate engaged in the energy sector and general trading. Mitsui & Co. has diversified business interests ranging from iron and steel, mineral and metal resources, infrastructure projects, mobility, chemicals, energy, food, retail, healthcare and IT sectors.
Both QatarEnergy and Mitsui offer various employment opportunities for qualified candidates who are interested in working in the dynamic and challenging energy industry. QatarEnergy provides a competitive compensation package, a safe and healthy work environment, and a culture of respect and diversity. QatarEnergy also supports the development of its employees through training programs, scholarships and career advancement opportunities . Mitsui offers a global work environment that values diversity, innovation and collaboration. Mitsui also provides a comprehensive benefits package, a work-life balance culture, and opportunities for learning and growth.
If you are interested in working for QatarEnergy, Mitsui, or Mitsui & Co. Energy, visit their websites for more information on their current vacancies and application process.