Qatar Petroleum, Marubeni clinch 5-year light naphtha sales
A 5-year agreement has been signed by the Qatar Petroleum on behalf of Qatar Petroleum for the Sale of Petroleum Products (QPSPP) to supply the Japanese firm Marubeni Corporation with light naphtha starting January 2019.
A total of 200,000 metric tons of light naphtha must be provided by the Qatar Petroleum to Marubeni Corporation for five years starting January this year, after the second sales agreement between the two companies has been concluded in 2018.
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H E Saad bin Sherida Al Kaabi, the Minister of State for Energy Affairs and President & CEO of Qatar Petroleum, marks this agreement saying, “We are pleased to sign the third naphtha long-term sales agreement with Marubeni Corporation. This agreement does not just strengthen our relations with Marubeni, but also reflects our strengthened ability to produce and export naphtha to the Asian market safely and reliably.”
“Our cooperation with Marubeni is decades old. We have built a trusted relationship together across the energy spectrum, and we will continue to work with them and all our business partners to increase Qatar’s global energy footprint”, the Energy minister added.
Fumiya Kokubu President and CEO and Member of the Board of Marubeni Corporation, affirmed its strategic partnership with Qatar Petroleum, which he said are continuing to find ways to cooperate together in the energy industry. “This latest naphtha sales agreement, being part of the three recently concluded long-term naphtha deals, affirms the high level of trust and co-operation as the cornerstone of the relationship between our organisations, and will enable both organisations to deliver a reliable and quality product,” he said.
Three decades ago, Qatar Petroleum and Marubeni Corporation started the long-standing strategic partnership in their naphtha business extending to other shared investments like Qatar Liquefied Gas Company Limited (Qatargas 1), which produces and exports about 10 million tons of LNG annually; and the two Ras Laffan-based condensate refineries, Laffan Refinery 1 and 2, which have a combined daily processing capacity of 292,000 barrels.
Marubeni Corporation and Qatar Petroleum are also investors in the Mesaieed Power Company Ltd (MPCL), the Qatar-based 2000-MW independent power plant,.
Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia while Qatar Petroleum is a state owned petroleum company, which operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage.
