Qatar Petroleum has just concluded a second long-term petroleum supply deal into Asia in less than six months.
It has just concluded a five-year sale agreement with ExxonMobil’s Singapore-based trading arm. Financial terms were not disclosed.
Under the agreement, Qatar Petroleum supply the US energy giant with a total of six million barrels of low sulfur condensate per year.
“This supply agreement is the first condensate long-term sale to an end-user in Singapore, highlighting our push for more direct sales with established end-users,” said Qatar Petroleum.
“This is another milestone in our drive to directly reach well-established Asian end users,” said Qatar Petroleum chief executive Saad Sherida Al-Kaabi.
“Learning the requirements and drivers of the end user and servicing them to our best ability helps build successful relationships and create further growth opportunity for both parties.
“Singapore is an important market for us and is home to ExxonMobil’s largest refinery and petrochemical complex.”
The deal with ExxonMobil comes just a few months after Qatar Petroleum concluded a 10-year sales agreement with SCG Chemicals, one of Thailand’s largest petrochemical companies.
That deal, which started in April 2019 and Qatar’s first with the Southeast Asian nation, involves a total of three million tons of light naphtha.
“This long-term agreement is very crucial to our petrochemical business in Thailand,” SCG Chemicals president Cholanat Yanaranop said at the time.
“It provides the security and quality feedstock to the upstream facilities which will strengthen our total value chain through downstream plants.”
