Qatarenergy Announces 10-Year Naphtha Supply Agreement With Marubeni Corporation
Date
9/26/2023 4:31:56 AM
(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: QatarEnergy has announced the signing of a long-term naphtha supply agreement with Japan-based Marubeni Corporation, a leading integrated trading and investment business conglomerate.
The agreement was signed by QatarEnergy, for and on behalf of Qatar petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), and Marubeni Petroleum Co. Ltd, a subsidiary of Marubeni Corporation.
The 10-year sale agreement stipulates the supply of up to 1.2 million tons per annum of Naphtha to Marubeni starting from October 2023.
This agreement is based on the successful and long-term relationship enjoyed between both entities and builds on the 5-year Naphtha sales agreement signed in 2018, which expires in September 2023.
In remarks marking this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said:“This agreement further enhances the long-standing, strategic, and fruitful relationship between QatarEnergy and Marubeni Corporation, spanning several decades. We are proud of the continued cooperation with our Japanese partners such as Marubeni Corporation, which reinforces Japan's trust in Qatar as a reliable energy provider while further fostering cooperation between the two countries.”
QatarEnergy and Marubeni Corporation have a long-standing strategic partnership through several shared investments in the energy industry in Qatar, including investment in Al-Kharsaah solar power plant and Mesaieed power plant.
Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia. It has received continuous and stable supplies of various grades of Naphtha from Qatar since 1986, which has enabled Marubeni Corporation to reliably supply a variety of end users in Japan.
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