State-owned Qatar Petroleum has signed a five-year agreement to supply to supply 6 million barrels/year of low-sulphur condensate feedstock to ExxonMobil Trading Asia Pacific (EXTAP) in Singapore.
Under the agreement that was executed in July, Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP) will supply condensate to EXTAP’S integrated manufacturing complex, a division of ExxonMobil Asia Pacific based in Singapore.
This supply agreement is the first condensate long-term sale to an end-user in Singapore, highlighting QPSPP push for more direct sales with established end-users.
Highlighting the importance of this deal, Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President/CEO of Qatar Petroleum said “This is another milestone in our drive to directly reach well-established Asian end users. 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.”
Al Kaabi added: “It is also great to see our relationship with reliable partners such as ExxonMobil extend not only in Qatar but globally. Singapore is an important market for us and is home to ExxonMobil’s largest refinery and petrochemical complex.”