QatarEnergy has signed a long-term agreement with Japan-based trading and investment conglomerate Marubeni Corp. for the sale of naphtha.
The long-term agreement builds on previous agreements the two companies signed in 2018, which expire in September 2023.
The agreement was signed by QatarEnergy, on behalf of Qatar Petroleum for the Sale of Petroleum Products Co. (QPSPP), and Marubeni Petroleum, a subsidiary of Marubeni Corp., the Qatari major said in a press release.
The 10-year sales agreement stipulates the supply of up to 1.2 million tonnes per annum of naphtha to Marubeni from October 2023.
“This agreement further enhances the long-standing, strategic and fruitful relationship between QatarEnergy and Marubeni Corporation, which spans several decades. We are proud of the continued cooperation with our Japanese partners such as Marubeni Corporation, which strengthens Japan’s confidence in Qatar as a reliable energy supplier while further fostering cooperation between the two countries,” said Saad Sherida Al-Kaabi, Chairman and CEO of QatarEnergy and Minister of Energy Affairs of Qatar.
QatarEnergy and Marubeni Corp. have a long-standing strategic partnership through several joint investments in the energy industry in Qatar, including investment in the Al-Kharsaah solar power plant and the Mesaieed power plant, QatarEnergy said.
Since 1986, Marubeni Corp. has received a steady and reliable supply of various grades of naphtha from Qatar. This supply has been fundamental in allowing Marubeni Corp. meet the needs of various end-users in Japan, ensuring a constant and uninterrupted supply of this essential resource, QatarEnergy said.
The agreement with Marubeni Corp. it occurred during Al-Kaabi’s working visit to Tokyo, where he held meetings with Japanese officials and executives on energy cooperation.
Minister Al-Kaabi met with Nishimura Yasutoshi, Minister of Economy, Trade and Industry of Japan, to discuss bilateral energy relations between Qatar and Japan and ways to improve them. Al-Kaabi also held high-level talks with senior executives of major Japanese power, energy and shipping companies, including JERA, Chubu Electric, Tohoku Electric, Marubeni, Mitsui, Mitsubishi, Idemitsu, Cosmo, JAPEX, LNG Japan, Iwatani, Chiyoda. , NYK Line, K-Line, MOL and Japan Bank for International Cooperation, regarding ongoing and future energy cooperation, the press release said.
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